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Santiago Exchange signs for IBM blockchain tech

18 May 2017  |  5430 views  |  0 Argentina

Chile's Santiago Exchange has enlisted IBM to help it build what is being billed as the world's first securities lending blockchain platform.

Under an agreement, the Santiago Exchange will apply IBM Blockchain technology, based on the open source Linux Foundation's Hyperledger Fabric, within its short selling system for securities lending.

The partners say that their system should help reduce errors, possible fraud, and processing time, while also improving transaction management and lowering costs.

IBM Chile GM, Francisco Thiermann, says: "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.

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