Is the Forex Market Ready to Go Blockchain? Some Banks Don’t Think So

hi guy today we discuss about implementation of blockchain technology in FOREX trading,
can it will be implemented, if implemented then what next, what changes will occurs in trading section, please read full articles and share your views, then let s go.....
The foreign exchange trading market (forex) settlement powerhouse CLS( Countinuous link settlements) reported it was in the final stages of testing its blockchain payment service for banks. However, while the service is reportedly set to be launched as soon as in August, the amount of players backing the project has halved since the initial announcement. As it turns out, large financial institutions are not quite ready to hand over their data to a blockchain-powered system.

CLS’s relationship with blockchain, IBM and R3

CLS is by no means new to the concept of blockchain. It began researching distributed ledger technology (DLT) proofs-of-concept (PoCs) back in 2015, when the technology was in its earlier stages and the prospect of mass adoption barely existed. In September 2016, the early CLS blockchain experiments were put under CLSNet, a network that essentially played the role of a sandbox for DLT-powered attempts to streamline CLS’s internal processes at the time. Made in conjunction with IT giant IBM, it aimed to ensure intraday liquidity, enable real-time awareness of currency and reduce risk, among other goals. At the time, CLS Netting would reportedly allow participants to submit forex instructions for six products and 24 currencies.

But do banks want to rely on blockchain for settlement payments?

Apparently, many of the CLS-enlisted, large financial firms are hesitant to incorporate blockchain at this point, as Alan Marquard — chief strategy and development officer at CLS — told Financial News London. Indeed, investment banks have shared concerns regarding the use of the “largely-untested technology” in the past, citing privacy concerns and blockchain's current “immaturity” among the primary reasons.

Source:- google, coin telegraph..

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