Turkey’s Borsa Istanbul Stock Exchange To Open Blockchain For Customer Data And Documents
Borsa Istanbul Decides to Launch Blockchain Platform for Customer Data and Documents
Turkey’s local stock exchange, Borsa Istanbul, has been working to bring in a new blockchain platform to serve the needs of residents better. Their platform will be used as a storage source for customers to keep security of their personal documents and other details, which is all found on the decentralized network.
The annoucement happened on Wednesday, when the bourse operator discussed their desire to develop a blockchain platform that will work with the requirements of Know Your Customer (KYC) protocols. With this setup, customers will have the chance to share the documents and other information, but within a “fast, reliable, and transparent platform” that the country had not had before.
By adding this platform to Turkey’s government, there have already been many entities that have managed to add their own customer databases. Some of those entities presently include the national depository, the clearing and settlement authority, and Borsa Istanbul.
The bourse was translated from the local language, saying,
“With the blockchain-based project, which was prepared by Borsa Istanbul IT team, information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK) has been synchronized.”
On this blockchain network, the storage space and technology allow users to edit their own information, though the logged information still cannot be changed. According to the statement,
“In this way, possible mistakes in the information input into the database will be avoided.”
Furthermore, Borsa Istanbul has said that this platform has the ability to “perform a high number of operations and can be used in other projects.” Specifically, the security that blockchain technology affords establishes some strong precautions.
This decision to launch a blockchain platform is an effort to join in on the growing industry, which also includes some of the largest exchanges in the world. Along with Borsa Istanbul’s new platform, the Australian Securities Exchange (ASX) has plans to establish themselves as the first stock exchange that adapts to blockchain technology. This is specifically to work with post-trade processes.
Just last month, a joint project between the Singaporean central bank and their Singapore Exchange plans to setup a way to transact and settle securities, specifically using digitized tokens. The Hong Kong Stock Exchange is also looking into blockchain to help them reduce costs. Deutsche Börse decided to explore the blockchain industry with their own department that deals with that type of technology, along with cryptocurrency.