Copy link
Increase text size
Decrease text size
Link copied

IBM launches blockchain pilot to transform bank guarantee processes with four Australian companies

Image Credit:

Thu, 04 Jul 2019, 07:00 am UTC

Tech giant IBM in partnership with Australia and New Zealand Banking Group (ANZ), Commonwealth Bank, real estate operator Scentre Group, and Australia’s first bank Westpac has launched a live pilot for a new blockchain-based platform to streamline bank guarantee processes.

Dubbed as Lygon, the platform is expected to run for 8 weeks for a test group of retail property leasing clients beginning last Wednesday. The blockchain-based platform aims to digitize the way bank guarantees are issued and managed in the retail property lease sector.

The current paper-based process is a pain point for us and for our retail partners because of the time involved and the manual nature of the process, taking valuable time away from focusing on customers," Jon Papagiannis, Scentre Group Director of Leasing and Retail Solutions, told the Australian Financial Review.

As per its press release, Lygon, which will be operated by Lygon 1B Pty Ltd (the consortium of the five founding members), aims to lessen the risk of fraud, reduce potential errors, and enhance transparency and security while maintaining privacy. It can also reportedly increase the speed of execution, “from up to a month to on or around the same day.”

After the pilot program, Lygon plans to extend the range of digitized bank guarantees it supports and to offer its services to other industries including the retail property sector.

Meanwhile, Warsaw-based Alior Bank is reportedly utilizing the public Ethereum blockchain to verify the documents of its clients. It offers online documentation using a suitably durable medium while still complying with the imposed regulations.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,226.56 (-0.01%)
  • Ethereum (ETH) $238.22 (-0.61%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $234.59 (-0.71%)
  • Bitcoin SV (BSV) $184.18 (+1.07%)
  • Bitcoin (BTC) $9,226.56 (-0.01%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.