Australia receives more and more blockchain projects.
Blockchain platform, the Lygon, which works on IBM Public Cloud, has reportedly strongly managed its pilot since last year with Australian banks ANZ, Commonwealth Bank of Australia (CBA) and Westpac and a group of 20 Australian companies.
Banks are asked to declare bank guarantees in just one day since they implement Lygon linked to the current paper-based guarantees that can take up to 1 month. According to a report on Sept 1, the three Australian banks and retailers Scentre Group and IBM are preparing to extend the Lygon platform for marketing use.
A bank guarantee is a sort of financial barrier given by a lending institution. The bank guarantee expects that the lender will guarantee that the responsibilities of a debtor will be satisfied. The financial guarantees are supposed to be demanded as part of retail property leases and from this month. Nigel Dobson who is the Lygon's chairman said that:
“The commercialization of the Lygon platform represents a significant milestone for blockchain technology in Australia and globally. In digitising a bank guarantee, we’ve essentially transformed a three-way contract. We’ve digitised the paperwork, the process, and the legality behind it...”
The program has reportedly onboarded new candidates within a quarter and maintains many other common bank guarantee methods including corrections and cancellations.
Following the market launch of the blockchain platform, it assumes it will increase the digital bank guarantees to the clients and international businesses beginning early next year.
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