fbpx
Thursday, May 6, 2021
Home News IBM and Chile's Santiago Exchange to Deliver World's First Securities Lending Blockchain...

IBM and Chile’s Santiago Exchange to Deliver World’s First Securities Lending Blockchain Solution

IBM and Chile’s Santiago Exchange, the largest in the country, today announced a partnership to introduce Blockchain technology across the country’s financial sector. The agreement makes the Santiago Exchange the first stock market in Latin America to apply IBM Blockchain technology within its short selling system for securities lending.

Blockchain works as an immutable ledger that records transactions, allowing secure information exchange. Built by IBM and Chile’s Santiago Exchange, the solution is designed to help reduce errors, possible fraud, and processing time for each transaction, while also improving transaction management and lowering costs. In the case of the Santiago Exchange, the solution will result in significant time savings for the back-office processes.

“The Stock Exchange is a technologically advanced company, which provides the infrastructure and systems for all types of securities transactions and their clearing and settlement. The Stock Exchange also provides information services and management systems for intermediaries. Incorporating Blockchain into our business processes is in line with that purpose and positions us as a forerunner in the financial market,” said the Santiago Exchange CIO, Andrés Araya.

IBM Chile General Manager, Francisco Thiermann, highlighted the fact that the Santiago Exchange is the first stock exchange in Latin America to implement a securities lending Blockchain solution.

“Our agreement with Santiago Exchange marks another new era of innovation in the stock market. Santiago Exchange is a pioneer in its industry, and the Blockchain adoption establishes a transformational precedent in the financial market, not just in Chile but in this region and the world,” he said.

The solution developed by IBM is based on the open source Linux Foundation’s Hyperledger Fabric. The solution is expected to be widely available to support multiple parties across the financial industry ecosystem this year.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
- Advertisment -

Most Popular

Latest News