South Korea’s second largest bank is in the middle of rolling out a blockchain-based system designed to reduce human error. Shinhan Bank is using the blockchain for Interest Rate Swap (IRS) transactions. The bank purportedly implemented this system at the end of November, local news reports. Interest Rate Swaps can get quite complicated, but fundamentally they are a type of futures contract based on swapping an interest rate between a number of parties. Two or more parties can enter into a swap contract and agree to pay each other based on the increase (or decrease) of interest rates. It allows…

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