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Blockchain platform commercializes digital bank guarantees in Australia

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Blockchain platform commercializes digital bank guarantees in Australia

The Lygon blockchain platform, which runs on IBM (NYSE:IBM) Public Cloud, has reportedly successfully conducted its pilot since last year with Australian banks ANZ, Commonwealth Bank of Australia (OTC:CMWAY) (CBA) and Westpac and a group of 20 Australian businesses.

Banks are expected to issue bank guarantees in just one day once they implement Lygon compared to the current paper-based guarantees that can take a month. The three Australian banks and retailers Scentre Group and IBM are planning to expand the Lygon platform for commercial use, according to a report on Sept 1.

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Blockchain platform commercializes digital bank guarantees in Australia

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