The Shinhan Bank Thursday announced it would adopt blockchain technology in the interest rate swap contract from November.

Its smart contract, known as cryptocontract, is a computer program that would directly control deal negotiations, contract signing, information entry, confirmation of deals and settlement. These contracts would be stored on blockchain technology.

The cryptocontract , which is a computer program that stores all trading process, would enable customers and the bank to save time and promote transparency of the interest rate swap trading, the bank said.

The bank said it would use the blockchain’s decentralized ledger in other derivative products.