Auto supplier Continental first processed the securities of the market using the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details technology in a pilot project, "the company said in a press release on February 21.
During the transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details, Siemens sold commercial securities worth 100,000 euros to Continental. The test transaction is technically implemented using Commerzbank based on Corda, which is based on the blockchain platform. The pilot project is legally supported by GSK Stockmann commercial law firm.
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As Continental explains, the project is implemented and focused on the blockchain field test "to use the platform in the medium and long term, even for regular financial transactions."
Continental explains: "Participating companies legally managed both the formation of market securities and trade (including payment processing) through a chain of blocks. Documentation and money exchange can be accomplished within minutes, not days."
Unlike traditional transactions, Commerzbank no longer acts as an intermediary between the contracting parties, but only as a platform operator and service partner, Continental explains. The financial institution provided technical requirements for blockchain tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details, a legal structure and digital money for direct trading in market securities.
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Commerzbank and Continental model virtual financing on the blockchain platform. In the spring of 2018, Commerzbank completed the integration of Corda in its own system. Shortly thereafter, the first pilot transaction in the form of foreign exchange forward transactions with the ThyssenKrupp concern for steelmaking was successful. With the release of virtual money market securities, Commerzbank offers another option of using blockchain technology for financial transactions.
Editor: Pereyidenko Ihor