IBM launches blockchain pilot for bank guarantee process

IBM launches blockchain pilot for bank guarantee process

Technology giant IBM has launched a blockchain power platform pilot designed to streamline the bank guarantee process.

In a press release shared with Cointelegraph on July 3, IBM said the pilot was launched in partnership with four Australian financial services companies.

The pilot, called Lygon, is supported by IBM, Australia and New Zealand Banking Group Ltd., the Commonwealth Bank, real estate operator Scentre Group and Australia's first bank, Westpac. Starting today, the retail group leasing customers of the pilot group will be commissioned for eight weeks.

Essentially, Lygon is a blockchain-based platform that digitizes the issuance and management of bank guarantees in the retail property leasing industry. According to the release, the digital process will reduce the risk of fraud, reduce the possibility of errors, and increase transparency and security.

Once the pilot is completed, Lygon plans to expand the range of digital banking guarantees it supports and begin to provide it to other industries. Didier Van Not, General Manager of Westpac and Institutional Banking, said:

“We have created a blockchain-based platform for the digital banking guarantee ecosystem. This pilot will use a distributed ledger to test real-time transactions to prove that the technology is commercially viable. This is a good digital transformation. Examples can improve the customer experience."

To date, IBM has introduced a number of enterprise blockchain products. Last month, CIP, the Brazilian bank and financial infrastructure promoter, officially launched its blockchain ID platform by partnering with IBM using Hyperledger Fabric. Its purpose is to verify and verify digital signatures using mobile devices.

In March, five Japanese banks collaborated to launch a financial services infrastructure based on IBM's distributed ledger technology. (New Finance)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

An American man who registered with the BTC system in 2016 said that anyone can register

For Aoben Cong's registration of the Bitcoin white paper in the US Copyright Office, some netizens found that as...

Blockchain

Secret history of Bitcoin: the black man behind the Silk Road extortion case is an American DEA agent

Source: Hash Pie Author: LucyCheng Editor's Note: The original title was "The Secret History of Bitcoin: Th...

Market

Bitcoin oscillated around $8,800, and the cryptocurrency market was full of red

After experiencing the madness of the previous day, Bitcoin struggled for a long time near $8,800. Although it was cl...

Blockchain

Traditional financial institutions use bitcoin hardcore technology, ING uses bulletproofs for their private chain projects

According to Coindesk's April 15 report, blockchain, the world's eleventh largest asset management company,...

Blockchain

Grassroots victory, Bitcoin became the 11th largest currency in the world

Credit currency trader and analyst Rhythm pointed out on Twitter that Bitcoin is currently the 11th largest currency ...

Blockchain

Bitcoin becomes the most profitable asset in 2019, and Chinese real estate is rarely a loss-making asset

Text: Interchain Pulse · Yuan Shang Source: Interchain Pulse The natural year ends on December 31. Remember that...