IBM & Australia-based companies trial blockchain tech for bank guarantees

posted 5 months ago
A group of Australia-based companies have announced the completion of a blockchain trial aimed at digitizing the bank guarantee process for commercial property leasing.

A collaboration with IBM, Westpac, shopping centre operator Scentre Group and ANZ, the group reports it was able to successfully apply blockchain tech to eliminate the need for current paper-based bank guarantee documents.

The participants have released a white paper detailing how the solution worked and how they believe it could be used in other situations that rely on bank guarantees.
Tags: blockchain, news