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Santiago stock exchange forms blockchain alliance to build applications for financial industry

Wed, 28 Aug 2019, 12:24 pm UTC

The Santiago Stock Exchange, the Central Securities Depository (DCV) and Global Trade Directory (GTD) have formed a new blockchain alliance.

According to an online translation of the press release published on BNAmericas, the partnering members aim to develop various blockchain applications for the financial industry. The alliance is reportedly the first of its kind in Latin America.

The agreement will reportedly see the development of a business blockchain network – a new infrastructure that will help connect the local and global clients of the stock market via nodes. This infrastructure will also enable clients to access various applications running on the platform.

The blockchain network would be reportedly based on Hyperledger Fabric.

“Through this Consortium we seek to generate the best conditions for the stock and financial business, with innovative and world-class solutions. In that sense, this alliance will allow us to make Blockchain technology available to different actors, facilitating the conduct of our clients' businesses,” said the general manager of the Santiago Stock Exchange, José Antonio Martínez.

After signing the agreement, the member institutions will form a Technical Committee to define the details and design of the project in a period of six months. Subsequently, the alliance will hire a team of blockchain developers to develop the platform in about 18 months, issuing production releases every six months.

“Since 2017 we have been working with other securities deposits in the world in the application of blockchain to the services of our industry, to which is added the project that we are carrying out with the Central Bank of Chile to incorporate this technology in the issuance of its financial instruments,” Fernando Yañez, general manager of the DCV, said.

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