IBM, Top Australian Banks to Pilot Blockchain for Retail Lease Bank Guarantees
A consortium of Australia-based financial services companies have teamed up with IBM and shopping center operator Scentre Group to launch a pilot that puts retail lease bank guarantees on a private blockchain.
Lygon — launched with participation from ANZ, Commonwealth, and Westpac banks on July 3 — will collect and digitize data from a test group of Scentre Group lease holders across Australia.
The firms involve hope the Lygon platform will shorten the time it takes for banks to issue guarantees, reducing that time to a day. The same validation could take up to a month if being issued on paper, based on current practices.
Additionally, digitization reduces the risk of fraud and errors across the billions of dollars banks guarantee, the Lygon backers contend. All Australian retailers need a bank guarantee to secure such a lease and operate their stores.
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Source: www.coindesk.com
