In a press release shared with Cointelegraph on July 3, IBM said that the pilot was launched in cooperation with four Australian financial services companies.
The pilot project named Lygon was supported by IBM, Bank of Australia and New Zealand Group Limited, Commonwealth Bank, real estate operator Scentre Group and Westpac, Australia's first bank. Starting from the 4th, the retail customers of the pilot group in property leasing will have an eight-week trial operation.
In essence, Lygon is a platform based on blockchain, which digitalizes the issuance and management of bank guarantees in retail property leasing. According to the published documents, the digitization process will reduce the risk of fraud, reduce potential errors, and improve transparency and security.
Once the pilot is completed, Lygon plans to expand the range of digital banking guarantees it supports and start providing these guarantees to other industries. Didier, General Manager of Westpac Corporate and Institutional Banking? Didier Van Not said: "We have created a platform based on blockchain to digitize the bank guarantee ecosystem. The pilot will use distributed ledger to test real-time transactions to prove that the technology is commercially feasible. This is a good example of digital transformation to improve customer experience. "
So far, IBM has launched many enterprise blockchain products. Last month, CIP, a Brazilian bank and financial infrastructure service provider, officially launched the blockchain ID platform by using Hyperledger Fabric in cooperation with IBM. Its goal is to verify digital signatures using mobile devices.
In March this year, five Japanese banks jointly launched a financial services infrastructure based on IBM distributed ledger technology.