Borsa Istanbul, a stock exchange backed by the Turkish government, has announced that it has developed a platform on a Blockchain network that will enable the institution to not only store the information of new clients but to also share documents.
Blockchain-based Platform Developed By Borsa Istanbul
In the announcement made on Wednesday, the stock exchange indicated that the Blockchain based platform was developed by the exchange in order to contain its new Know-your-Customer standards as well as facilitate the registration of new clients and secure distribution of information across the network in an effective, open and reliable way.
Through this platform, it has been possible for several institutions among them the Borsa Istanbul, Clearing and Settlement Authority and the National Depository to share information and harmonize the databases containing their individual client information.
In statements aired by Anadolu, the bourse announced that the Blockchain based platform was indeed developed by its own IT personnel and that through the platform customer databases belonging to the Istanbul Clearing, Takasbank (Settlement and Custody Bank), the nation’s Central Securities Depository and the Borsa Istanbul have been successfully harmonized.
Elimination Of Possible Errors
The statement went on to say that henceforth all documents will be managed through the platform and customer information will also be edited on the same and in this way it will be able to avoid and eliminate human errors such as wrong information or mistakes being input in the database.
The borse went on to say that the Blockchain based platform was technically very proficient in tackling multiple operations at the same time and can be utilized in various other projects. It has also added that the security measures of the platform have been boosted by safeguarded by the robust security that being based on the Blockchain comes with.
This new development by the Borsa Istanbul is one among many made by various financial institutions around the world who are increasingly embracing Blockchain technology. This undertaking joins the growing number of some of the globe’s largest stock exchanges adopting the Blockchain technology and applying it to a multiple of varying applications.
Blockchain Based Developments Achieved By Exchanges Around The World
The Australian Stock Exchange is in line to become the first vital stock exchange to adopt Blockchain technology as its core technology when it comes to all processes coming after the main trade process. This endeavor has however been experiencing a few delays.
The Singapore Stock Exchange (SGX) announced in August that it will be working together with the nation’s central bank, the Monetary Authority, to boost the capacity of the DvP (Delivery versus Payment) capability by automating it through Blockchain smart contracts. This project will be built on the Blockchain network that had been previously developed by the central bank in its bid to tokenize the national fiat currency.
The Hong Kong stock exchange, which currently stands as the sixth biggest blockchain in the world, is partnering with the Australian securities exchange (ASX) to gain more knowledge on how it can use the Blockchain technology to cut costs and improve its efficiency.