ANZ and Westpac have teamed with IBM and shopping centre operator Scentre Group and have now successfully Blockchain the bank guarantee process used for commercial property leasing.
The trial used Distributed Ledger Technology (DLT) to eliminate the need for current paper-based bank guarantee documents, resulting in a single source of information with reduced potential for fraud and increased efficiency. DLT powered by Hyperledger Fabric V1.0 is a Blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation. DLT is part of what underpins a Blockchain.
The companies involved in the trial have today released a whitepaper detailing how the solution worked and how it could be used in other situations that rely on bank guarantees.
In addition to eliminating the need for physical document management, the trial also addressed other inefficiencies in the current bank guarantee process, including the challenges in tracking and reporting of a guarantee’s status through multiple changes.
This forms part of a broader plan to build a shared solution with the rest of the industry, and to invite other organisations to participate in a larger pilot.
Commenting on the successful trial, Mark Bloom, Chief Financial Officer at Scentre Group, said:
“An update of the decades-old process for issuing, tracking and claiming on guarantees is long overdue.
“With approximately 11,500 retailers across Australia and New Zealand, who use guarantees to support rental obligations, manual tracking of guarantees has been an extremely cumbersome and labour intensive process.”
Nigel Dobson, General Manager Wholesale Digital, Digital Banking at ANZ, said:
“We have been keen to avoid the hype surrounding Blockchain and distributed ledger technologies, and instead focused on practical and deliverable use cases.
“This proof of concept demonstrates how we can collaborate with our partners to develop a digital solution for customers, which also has the potential for industry-wide adoption.”
Andrew McDonald, General Manager Corporate and Institutional Banking at Westpac, said:
“This is about removing the cost of fraud, error and operational risk that will continue as long as bank guarantees remain paper-based and manually issued.
“Next steps involve encouraging all industry players to adopt this technology so we can better protect and save money for our customers. Beyond that there is no reason why this couldn’t be applied across other industries.”
Dr. Joanna Batstone, Vice President and Lab Director of IBM Research Australia, said:
“Using an agile approach, IBM collaborated with ANZ to combine the bank’s deep knowledge of the industry and their partners, with IBM’s Blockchain expertise.
“The business use case demonstrates the opportunity to lift efficiency and transparency for all parties involved. We believe Blockchain can potentially drive productivity across all Australian industries.”
- Skycoin To Launch Coin Distribution Event July 24, 2017 - July 21, 2017
- CoinAgenda Europe 2017 Blockchain Winners Announced - July 20, 2017
- BurstIQ Announces Token Crowdsale for its Health Data Ecosystem and Marketplace - July 20, 2017
- Gaming cryptocurrency meets online betting: Loot.bet pledges support to SkinCoin - July 20, 2017
- Kybernetwork Introduces A Decentralized Platform For The Instant Trading Of Any Crypto-asset - July 19, 2017
- Announcement of Proof of Existence 2.0 – PO.ET Token Sale August 8, 2017 - July 19, 2017
- Equities.com and KrowdMentor Announce Exclusive Strategic Partnership at CoinAgenda - July 19, 2017
- NASSCOM in association with BlockSmiths & Quatrro forms India’s First Blockchain SIG - July 18, 2017
- DENT Partners with Aquto to Bring Decentralized Global Mobile Data Exchange to 500 Million People - July 18, 2017
- Moeda Cooperative Banking-as-a-Service Relaunches Digital Token - July 18, 2017
- Aicoin Launches Today – Next Generation Of Investment Innovation In Initial Coin Offerings - July 18, 2017
- Pillar Tokens worth $12 Million Sold in First Hour of Sale - July 17, 2017
- CausePlay’s Thirtythree.8 Division Is Launching The Virtual Cash Back Token (VCB) and Its Ethereum-Based Blockchain Coupon and Rebate Platform - July 16, 2017
- Kazakhstan Becomes The Second Government To Embrace The Cryptocurrency Market System - July 16, 2017
- EnvisionX to Bring Blockchain to Programmatic Advertising - July 16, 2017
- Enterprise Ethereum Alliance Unveils New Technical Steering Committee and Seven New Working Groups - July 16, 2017
- Hungry Panda Games Launches ICO – Ethereum Powered Game And Esports Ecosystem - July 16, 2017
- CakeCodes Announces Highly-Anticipated Hybrid-Model Token Generation Event Via Bittrex - July 16, 2017
- Santiment Announces SAN Tokens Now Trading on Bitfinex - July 15, 2017
- Exchange Union Coin To Bridge Digital Currency Exchanges For Enhanced Trading - July 15, 2017
- Harbour DAO Updates Their ICO Model and Voting System to More Closely Align with a Commitment to Community-driven Governance - July 15, 2017
- ACChain Digital Coin Begins Trading on Japan’s NERAEX Exchange - July 14, 2017
- Token Sales For Entrepreneurs: A Workshop On Token Economic Design And Legal Compliance - July 13, 2017
- New York Trading Platform investFeed Replaces Equities for Cryptocurrency - July 13, 2017
- Falcon First Swiss Private Bank To Enter Blockchain Asset Management Market With Bitcoin - July 12, 2017
- Blockchain technology breaking barriers for effective foreign aid - July 12, 2017
- Blockchain Genomics company raises over $1M with Gene-Chain Coin Token Sales - July 12, 2017
- ANZ, Westpac, Scentre and IBM Complete Successful Blockchain Trial for Bank Guarantees - July 12, 2017
- Blockchain Based Ticketing Company Aventus Systems Announces Advisory Board - July 12, 2017
- DENT Wireless is the First Blockchain Platform to Power New Mobile Data Exchange Marketplace - July 12, 2017
- Blockchain Music Sharing Platform Aurovine Launches in India - July 12, 2017
- Hyperledger Announces Production-Ready Hyperledger Fabric 1.0 - July 12, 2017
- Ethereum Co-founder Mihai Alisie Joins Aragon Advisory Board - July 12, 2017
- Musiconomi Announces Crowdsale For Music Industry - July 12, 2017
- Mothership Launches Progressive Blockchain Financial Services with the Estonian e-Residency Program - July 12, 2017
- Sphre Raises Over $5 Million in XID Token Sale to Bring Identity Management to the Blockchain - July 11, 2017
- Token Sale: Revolutionary Virtual Reality Streaming Platform Supported by the Blockchain - July 11, 2017
- Blockchain Startup Liquidity Asset Token (LATO) announces PRE-ICO to Tokenize Assets - July 11, 2017
- $64,818 single spin payout by playing Hansel & Gretel at BitStarz Casino - July 8, 2017
- Startup Monetha Wants to Challenge PayPal’s and Trustpilot’s Status Quo with the Ethereum Blockchain - July 6, 2017
- Blockchain Startup Bitclave Launches Advertising Application, Active Search Ecosystem and Cybersecurity Platform - July 6, 2017
- Qtum Claims World’s First Proof-of-Stake Smart Contracts Platform - July 5, 2017
- Deloitte CIS and Waves Say They Plan to Shape the Future of Blockchain - July 4, 2017
- NEVERDIE Teleportation ICO to Monetize Infrastructure and Drive Trillion Dollar Virtual Goods Economy as The First Double Coin ICO - July 4, 2017
- Blockchain Startup ETHLend Wants to Revolutionise The Finance Lending Market - July 2, 2017
- Blockchain Startup EOS Token Distribution Generates Over US$185 Million in First Five Days - July 2, 2017
- International Monetary Fund (IMF) Proposes Central Bank Digital Currencies (CBDCs) to Crush Rise of Cryptocurrencies - July 2, 2017
- DECENT Launches Blockchain-Based Content Distribution Platform to Take On Entertainment Giants - June 30, 2017
- Synereo Releases Content Monetization Platform WildSpark - June 30, 2017
- First-ever Blockchain Real Estate Project — 3,000 BTC Cap Crowdfunded in 24 Hours on Waves Platform - June 30, 2017