New Lygon Blockchain Project by IBM Looks to Automate Banking for Retail Property Leases
- IBM launches a new pilot for a blockchain platform that would streamline bank guarantee processes
- The tech giant is currently working with different banking and financial institutions
The recognized tech giant IBM decided to launch a new pilot for a blockchain platform that aims at streamlining bank guarantee process. The information was released by the company in a press release published by Cointelegraph.
IBM Works On A Blockchain Platform For The Banking Industry
The new platform in which IBM is currently 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. The goal is to test this pilot for eight weeks for property leasing processes.
Lygon will be working by digitizing the issues related to the management of bank guarantees in the retail property lease sector. According to the information released by the company in the press release shared with Cointelegraph, this enhanced process will be reducing the risk of fraud, decrease potential errors and increase both transparency and security.
Lygon is also planning to expand its services to other banks and start offering them to other industries for them to be able to experience an increase in efficiency, security, and transparency.
Didier Van Not, the general manager of Corporate and Institutional Banking at Westpac, commented about this pilot:
“We have created a blockchain-based platform to digitize the bank guarantee ecosystem. The pilot will test live transactions using distributed ledger to prove the technology is commercially viable. It is a great example of digital transformation that refines the customer experience.”
IBM has been working with blockchain technology in the past in different projects. The firm is improving frictionless supply chains to help customers purchase food that is controlled and regulated and many other things.
There are other banks around the world that are also entering the blockchain space. For example, JP Morgan Chase created its own blockchain network called Quorum and it also launched its own digital asset called JPM Coin.