Tech large IBM has launched a pilot for a blockchain-powered platform designed to streamline bank guarantee process.
In an announcement shared with Cointelegraph on July 3, IBM expressed that the pilot was launched in partnership with four Australian monetary services corporations.
The pilot — dubbed Lygon — is backed by IBM, the Australia and New Zealand Banking group limited, Commonwealth Bank, real estate operator Scentre group, and Australia’s 1st bank Westpac. The pilot is about to run for eight weeks for a take a look at group of retail property leasing customers beginning today.
Essentially, Lygon may be a blockchain-based platform that digitizes the issue and management of bank guarantees within the retail property lease sector. Per the release, digitizing the method can reduce the risk of fraud, decrease potential of errors, in addition to increase transparency and security.
Once the pilot is completed, Lygon plans to expand the vary of digitized bank guarantees it supports and start providing them to different industries. Didier Van Not, general manager of company and Institutional Banking at Westpac, said:
“We have created a blockchain-based platform to modify the bank guarantee ecosystem. The pilot can take a look at live transactions using distributed ledger to prove the technology is commercially viable. it's an excellent example of digital transformation that refines the client experience.”
IBM has launched variety of enterprise blockchain offers to date. Last month, CIP, a facilitator of Brazilian banking and money infrastructure, formally launched its blockchain ID platform via a partnership with IBM using Hyperledger fabric. Its aim is to authenticate and verify digital signatures using mobile devices.
In March, 5 Japanese banks collaborated to roll out a monetary services infrastructure supported IBM’s distributed ledger technology.
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