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Turkey Builds Blockchain Database Platform For its National Stock Exchange

Turkey has been on the front foot ever since a survey revealed that more than half the country’s population was interested in crypto. With time, they have made stunning developments with regards to the blockchain sector as well. A new blockchain based platform has been announced for Borsa Istanbul, which is Turkey’s state-backed stock exchange. This platform would safely store details of customers coming on board and documents can be transferred on a decentralized network.

Local media quoted the stock exchange saying:

With the blockchain-based project, which was prepared by Borsa Istanbul IT team, information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK) has been synchronized.

The operator of the exchange has made it clear that the platform was conceptualized in order to manage the Know Your Customer (KYC) norms, register new customers and facilitate exchange of information and documents safely in a ‘fast, reliable and transparent platform’.

Additionally, document management and customer information editing will be allowed on the blockchain network. “In this way, possible mistakes in the information input into the database will be avoided,” read an official statement. Already Iran’s national depository,the clearing and settlement authority as well as Borsa Istanbul, have begun syncing and sharing the customer data they have, on the platform.

The platform has been certified as completely secure due to its blockchain base by Borsa Istanbul, and they have further stated that it is capable of performing “a high number of operations and can be used in other projects.”

Across the world many exchanges are considering of moving on to blockchain technology, if they haven’t already. For example, the German Stock Exchange, the Singapore Exchange, Hong Kong Stock Exchange have all made progress in terms of putting blockchain technology to use.