IBM heats up Chile’s financial sector with blockchain
IBM and Chile’s Santiago Exchange, the largest in the country, have teamed up to introduce blockchain across the country’s financial sector.
The agreement makes the Santiago Exchange the “first stock market in Latin America” to apply IBM blockchain within its short selling system for securities lending.
Built by IBM and 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”.
IBM Chile general manager, Francisco Thiermann, says the “blockchain adoption establishes a transformational precedent in the financial market, not just in Chile but in this region and the world”.
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.