Australian banks ANZ, Commonwealth, and Westpac are teaming up with IBM and Scentre Group (operates shopping centers in Australia under the Westfield brand) to process retail lease bank guarantees on a private blockchain - the program will be named Lygon.
| less than a minute read
IBM and Australian banks announce blockchain pilot
Nigel Dobson, ANZ banking services lead, says: “This is a unique and transformational platform that enables the complete digitisation of bank guarantees. Retailers of all sizes with physical outlets will experience radically improved bank guarantee cycle times. Additionally, retail landlords will benefit from managing their outstanding guarantees in a secure, transparent and auditable manner.”
