Tech giant IBM is partnering with the Australia and New Zealand Banking Group Limited (ANZ), Commonwealth Bank, real estate operator Scentre Group, and Australia’s first bank Westpac to launch a pilot for a new blockchain-based platform dubbed Lygon, designed to streamline the bank guarantee process.
According to a report by Cointelegraph, Lygon is set to test run for eight weeks starting on July 3rd for a group of retail property leasing clients.
Parties to the collaboration expect the Lygon platform to drastically shorten the time required for banks to issue a guarantee, from a month’s turnaround to possibly even same-day service. The platform also aims to mitigate the risk of fraud and potential errors, as well as enhance transparency and security while maintaining privacy.
Not confined to the bank guarantee process, the consortium is reportedly planning to expand the use of the platform to other industries as well. Didier Van Not, General Manager of Corporate and Institutional Banking at Westpac, claimed the digital platform will substantiate the commercial viability of blockchain technology.
“We have created a blockchain-based platform to digitize the bank guarantee ecosystem,” Van Not said. “The pilot will test live transactions using distributed ledger to prove the technology is commercially viable. It is a great example of digital transformation that refines the customer experience.”
So far, IBM has been offering several blockchain-based services for enterprises. It previously teamed up with CIP, a Brazil-based banking and financial infrastructure facilitator, to launch an ID platform on Hyperledger Fabric. The platform was designed to verify digital signatures through mobile devices.
Earlier this year, five Japanese banks banded together to establish a financial services platform based on IBM’s distributed ledger technology.
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