BMW Implements Blockchain System for Forex Transactions

According to ChainCatcher, German automaker BMW AG has adopted a blockchain-based system to automate certain foreign exchange transactions. This move is part of a broader trend among companies seeking to leverage the technology behind cryptocurrencies to expedite and simplify multi-billion-dollar cross-border payment processes. BMW is utilizing JPMorgan Chase & Co.'s Kinexys platform. The system automatically transfers euros from BMW's Frankfurt account when the balance in its New York dollar account falls below a specified threshold.