Lygon pilot is evidently on track to run for almost two months for a test group of retail property leasing customers
Tech giant IBM has reportedly unveiled a pilot for a blockchain-driven platform developed to enhance bank guarantee process. Apparently, IBM informed in a press released that the pilot was introduced in collaboration with four Australian financial services firms.
Essentially, Lygon is a blockchain-powered platform that digitizes the management and issuance of bank guarantees in the retail property lease segment. On successful completion of the pilot, Lygon would try expanding the array of digitized bank guarantees it supports and will start offering them to other industries.
Lygon pilot is evidently on track to run for almost two months for a test group of retail property leasing customers and is backed by IBM, Commonwealth Bank, New Zealand Banking Group Limited, Westpac, and real estate operator Scentre Group.
Didier Van Not, General Manager, Corporate and Institutional Banking at Westpac, was quoted saying that the blockchain-driven platform was created to digitize the bank guarantee sector and to test live transactions with the help of a distributed ledger for proving the technology’s commercial viability. He also stated that the pilot will be a great example of digital transformation that enhances customer experience.
The tech giant has launched a series enterprise blockchain proposals till date, sources say. Recently, CIP, a facilitator of Brazilian banking and financial architecture, supposedly unveiled its blockchain ID platform with IBM using Hyperledger Fabric, with the apparent aim to verify and validate digital signatures using mobiles.
According to the sources, five Japanese banks teamed up to introduce a financial services platform based on the distributed ledger technology of IBM.
For the record, IBM is a New York-based multinational IT company with its headquarters spread across more than 170 countries. The tech giant manufactures and exports computer software, middleware and hardware and provides consulting services in domains ranging from mainframe computers to nanotechnology.