Securitize Join IBM’s Blockchain Accelerator Program
【Published by Ling Yu Han】
According to the news, Securitize, a compliance platform and protocol for digitizing securities on the blockchain, has revealed that it’s one of 10 companies to join the IBM Blockchain Accelerator program.
Speaking of the announcement, Carlos Domingo, co-founder and CEO of Securitize, said that their “goal is to build the world’s first debt issuance platform with blockchain technology in 2019. With the aid of IBM, we hope to modernize the $82 trillion dollar corporate debt market — which is currently riddled with inefficiencies and high fees” — with blockchain technology, he added.
The main problem with issuing corporate debt is high-cost, inefficient processes and multiple participants involved in the execution of the transaction, Domingo said. The integration of blockchain technology into the entire corporate debt process will help to increase transparency and efficiency and eliminate unwanted intermediaries.
The program is to last three months and will include a Blockchain Architecture workshop, in addition to the opportunity to work with the IBM team and external mentors, Domingo explained. At the end of the program, Securitize will present a demonstration of their platform, explaining what they want to build for potential customers, including internal IBM teams. Domingo noted that they are planning to integrate Hyperledger into the product design of their platform, which will enable debt issuance on the blockchain.
With the use of Securitize’s Digital Securities (DS) protocol, it’s aiming to provide automated compliance to a private share that can then be traded. With the aid of the blockchain, the platform is hoping to deliver a modern solution for the finance industry. At present, ensuring compliance for a private share can often take weeks or months, Domingo stated.
Additionally, the DS protocol delivers instant settlement when an investor purchases a fraction of the security, he added. Currently, traditional private shares are paper-based while the settlement and custody of those shares can take time.
“As the leader in enterprise blockchain, IBM is proud to welcome Securitize and nine others to the inaugural IBM Blockchain Accelerator program,” said David Post, managing director at IBM Blockchain Ventures. “The participants have been chosen for their promising use cases and dedication to building scalable blockchain networks that have the power to transform existing business processes.”
■ Source: cnyes
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