A new blockchain platform has been formed by Australian banks ANZ, the Commonwealth Bank of Australia, and Westpac, IBM, and shopping center company Scentre Group. Lygon, which runs on the IBM public cloud and leverages the IBM Blockchain platform, has minted a standardized digital bank guarantee.
The impetus for the blockchain platform was frustration among commercial property owners over archaic banking processes. Lygon's Justin Amos says the company aims to be the primary market operator for digitized financial assets while reducing reliance on paper.
"Our core technology can be applied to other types of payment guarantees and financial instruments, such as performance bonds, offering a wide range of opportunities to pursue as we expand Lygon's reach and service offering," Amos says. "The fact that we have a single, agreed legal architecture that has been codified on our platform, is a major breakthrough."
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