IBM releases blockchain pilot to streamline bank guarantee processes

Technology giant IBM announced the launch of a blockchain platform pilot called Lygon to simplify the bank's guarantee process. IBM said the pilot was launched in partnership with four Australian financial services companies, including Australia and New Zealand Banking Group Ltd., the Commonwealth Bank, real estate operator Scentre Group and Australia's first bank, Westpac. Starting today, a group of retail property leasing customers participating in the pilot will be commissioned for eight weeks. It is reported that this digital process will reduce the risk of fraud, reduce the possibility of errors, and improve transparency and security.