Blockchain Platform for Australian Banks





The Lygon blockchain platform (a platform that runs on IBM Public Cloud) conducted a successful pilot of the platform with Australian banks ANZ, Westpac, and the Commonwealth Bank of Australia (CBA). The blockchain is being tested to issue bank guarantees and with this system, bank guarantees can be implemented in one day compared to current paper guarantees, which take a month. Bank guarantees are financial stops offered by banks as promises that the lender will ensure the liabilities of a debtor will be paid. Lygon and the Australian banks plan to expand Lygon's guarantees to customers and international markets sometime early next year.