Blockchain can change forex
Research company IG Group has published an article about the possible influence of blockchain on forex. The analysts believe, that the technology can significantly change the market for the better.
The most important implementation of blockchain in the sector concerns the organizational structure. Forex market does not have a single regulating authority. Its operations are controlled by separate institutions in different regions. Financial Conduct Authority regulates the market in the United Kingdom, the Commodity Futures Trading Commission acts as a regulator in the United States.
The analysts believe, that the transactions on the forex market also should be more transparent. Currently they are monitored and regulated much less than transactions on other exchanges.
IG Group believes, that blockchain can be used to fix these issues. Forex can benefit from the creation of blockchain-based ledger, which contains the transaction data and can be accessed by anyone. Certain developers like Vanguard and Symbiont are currently creating their own blockchain services for the forex market.