IBM executes first Bank Blockchain Guarantee
IBM partnered with Lygon in a Joint Venture (JV) way back in '19 with a bundle of Australian Banks and a huge shopping center operator that would transfer leases from paper onto Commercial Blockchain.
Who is Lygon? They are a Blockchain based platform that wants to bring speed and trust to your documents. Read more here https://www.lygon.io/
Who is included in the bundle of Banks? ANZ, Commonwealth, and Westpac banks
What was the Objective of the trial? To bring the ancient paper based products into the digital era (Digital Transformation) additionally to reduce fraud.
What was the result from the first test? It sped up the process to 24-hours, they expect further refinement as they learn and implement more digital based procedures.
Enjoy the Journey!
