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Two major Australian banks have successfully used blockchain, instead of paper, for bank guarantees on commercial property leasing.
ANZ and Westpac teamed with IBM and shopping centre operator Scentre Group to digitise the guarantee process.
The trial used distributed ledger technology to replace paper-based guarantee documents, resulting in a single source of information with reduced potential for fraud and increased efficiency.
The use of blockchains, used to enable the digital currency Bitcoin, means you can prove where information has come from and gone to, creating new economic activity in areas such as financial services, supply chains and government registries.
ANZ and Westpac teamed with IBM and shopping centre operator Scentre Group to digitise the guarantee process.
The trial used distributed ledger technology to replace paper-based guarantee documents, resulting in a single source of information with reduced potential for fraud and increased efficiency.
The use of blockchains, used to enable the digital currency Bitcoin, means you can prove where information has come from and gone to, creating new economic activity in areas such as financial services, supply chains and government registries.