Economy

IBM & partners launch blockchain platform for retail leasing

IBM & partners launch blockchain platform for retail leasing”

An eight week pilot of Lygon, which is built on IBM's Blockchain Platform, began yesterday with live data and transactions for a test group of retail property leasing customers.

The new platform in which IBM is now working on is called Lygon and it is backed by IBM, Australia and New Zealand Banking Group Limited, the Commonwealth Bank, Scentre Group and Westpac.

Lygon will be working by digitizing the issues related to the management of bank guarantees in the retail property lease sector.

Historically, these guarantees have been issued manually and on paper, with the process taking up to a month. "It is a great example of digital transformation that refines the customer experience", said Didier Van Not, Westpac's general manager corporate and institutional banking.

The Commonwealth Bank, the Australia and New Zealand Banking Group (ANZ) and the Westpac Bank, the three largest banks in Australia, will test blockchain technology to digitize bank guarantees, a report by Reuters revealed.

The five founding members may also expand research into other industry uses.

"This is a unique and transformational platform that enables the complete digitisation of bank guarantees".

In 2017, ANZ, Westpac, and Scentre Group declared the completion of a blockchain based trial with IBM.

Recently, CIP, a facilitator of Brazilian banking and financial architecture, supposedly unveiled its blockchain ID platform with IBM using Hyperledger Fabric, with the apparent aim to verify and validate digital signatures using mobiles. "Moreover, retail landlords will benefit from managing their outstanding guarantees in a secure, transparent, and auditable manner".

Dobson further said, "We have been keen to avoid the hype surrounding blockchain and distributed ledger technologies, and instead focused on practical and deliverable use cases."

On whether the Australian banks would consider launching a cryptocurrency, Dobson said there were no such immediate plans but "if it made the platform more attractive, made it work faster and gave it some global scale, then we certainly wouldn't rule out considering it in the future".

"We are pleased to continue our investment in developing market-leading technology that helps our retail partners become more efficient by digitising a process that will reduce cost and risk in their businesses".

IBM believes that Lygon will greatly transform the banking experience for many clients.



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