Chile’s Largest Stock Exchange Plans to Implement IBM Blockchain Tech

A major blockchain trial is moving toward implementation in Chile.

Revealed today, global tech giant IBM is making public a project with the Santiago Stock Exchange that will find Latin America’s third-largest stock exchange incorporating a blockchain-based securities lending solution built jointly by the two companies.

As explained by IBM, the new tool will help enable Chile’s securities lenders, banks, stock exchanges, institutional clients and regulators, to exchange information, while reducing the time it takes for relevant back-office processes by 40%.

In this way, Santiago Stock Exchange CIO Andrés Aray indicated notably that it’s not the trading process – where certain ownership rights associated with a stock or derivate are traded in exchange for collateral – that is being automated, but rather the complex process that supports such economic activity.

Aray told CoinDesk:

“We spend two-to-three days after trading signing contracts, adding the assets, and the intermediary needs to create the collateral, all of that will now be put in a block that will be queried by different intermediaries.”

Santiago Stock Exchange, Aray explained, will now seek to create a private blockchain network for the exchange of this information, whereby participating banks and regulators will also operate nodes.


Read more ... source: CoinDesk

News from Darknet

Let's block ads! (Why?)

Powered by Bitcoin Central