Santiago Stock Exchange And More Reunite To Form First Blockchain Alliance of Latin America
Three major financial companies have recently announced a partnership. The Santiago Stock Exchange (STE), Global Trade Directory (GTD) and the Central Securities Depository (DCV) have united to create a new blockchain association, which is set to be the first of its kind in Latin America.
This new consortium will be focused on creating new financial apps and, most importantly, a blockchain network infrastructure for business. The goal is to connect their clients from the stocks market using this platform, which is set to be based on Hyperledger technology.
Fernando Yañez, the general manager of DCV, recently affirmed that the company already has quite a bit of experience in this area as they work with the blockchain since 2017. Before now, the company used it for securities deposits.
Now, Yañez affirmed, the technology will be taken to the Central Bank of Chile and it will be incorporated to be used in several financial instruments.
The Development of the Blockchain Platform
The three companies will have three months to design the basis of the system now. The goal is to have the idea of the platform fully operational within this timeframe so that the group can move to the next phase of the project.
This second phase, which is set to last 18 months, will be carried out by a group of hired developers. They will create the actual platform. At every six months, the developers will need to release their production and achieve milestones.
According to the companies, the blockchain will be ready, if there is no kind of delay, before the end of 2021.