Industry

Chile’s largest stock exchange teams with IBM for blockchain solution

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Santiago Stock Exchange blockchainThe Santiago Stock Exchange, the largest stock exchange in Chile, has partnered with IBM to build a blockchain-based securities lending solution intended to speed up back-office processes by 40 percent.

“We spend two-to-three days after trading signing contracts, adding the assets, and the intermediary needs to create the collateral, all of that will now be put in a block that will be queried by different intermediaries.” said Santiago Stock Exchange CIO Andrés Araya.

The tool, which helps securities lenders, banks, stock exchanges, institutional clients and regulators, to exchange information, is the result of a year-long development process. Araya said the Santiago Stock Exchange wants to prove to the market and regulators that blockchain technology really works.

For more, check out Coindesk‘s full article.

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