As blockchain gains more and more ground in the banking sector, reports reveal that some of the leading banks of the world like Westpac, Scentre Group, Commonwealth Bank, IBM, and ANZ are collaborating to deploy a revolutionary platform called Lygon Blockchain. Nigel Dobson, an ANZ Banking Services official, said that the platform is being developed in Australia.
The platform which aims to manage bank guarantees for enterprises and other clients in its pilot phase is in its pilot phase, which has started on 3rd July and will run for eight weeks. A test group of retail lease customers have been allowed to participate. The trial will eventually be followed by the release of the platform for industry adoption.
The architects of the Lygon Blockchain are targeting bank guarantees services that businesses require for various needs such as retail property lease. This service is mainly applicable in export-import trades, retail space leasing, and even B2B lending.
Through the Lygon Blockchain, the participating banks will be able to facilitate their clients to obtain and manage bank guarantees. The partner banks have jointly developed the Lygon Blockchain from its Proof of Concept stage to the current live platform in its pilot phase that is gathering feedback from clients.
Later on, the blockchain developers will be using the feedback as a basis of redesigning the Lygon Blockchain to be a more customer-focused bank guarantee platform.
While terming the Lygon Blockchain “unique and transformational”, Nigel Dobson assures prospective bank guarantee customers, particularly SMEs that they would “see truly beneficial outcomes” as bank guarantee cycle times will go through a radical improvement. He also said that the platform will initially support retailers with rental bonds before accommodating other classes of bank guarantees.
Paul Hutchison, the Vice President of IBM Blockchain in the Asia Pacific region, is expressing optimism that the innovative project would take off in Australia and finally be adopted globally.