Today Australia’s three biggest banks announced the commercialization of their blockchain bank guarantee platform, Lygon. ANZ, Commonwealth Bank, Westpac, IBM and shopping center firm SCENTRE have incorporated Lygon 1B as a standalone company to manage the project.
Because the guarantees are digitally signed and verified, the risk of fraud is significantly reduced. Additionally, there’s greater efficiency and a reduced risk of error.
“In digitising a bank guarantee, we’ve essentially transformed a three-way contract. We’ve digitised the paperwork, the process and the legality behind it,” said Lygon Chairman Nigel Dobson.
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