Commerzbank, one of the major German banks, and Thyssenkrupp, one of the biggest steel conglomerates in the world, have made the first forex transaction with the blockchain technology application.
The transfer of the equivalent of 500,000 USD was initiated by the steel conglomerate and supported by the bank.
The transaction was confirmed through Corda, a distributed ledger technology.
This transaction symbolizes a very important step in the introduction of the blockchain technology into the banking system and the traditional financial world. The blockchain allows eliminating delays and numerous errors with money transfers, as well as eliminates high costs and fees paid to intermediaries.