ANZ, Commonwealth Bank, IBM, Scentre Group and Westpac Commence Live Pilot for Lygon, A Blockchain-based Platform to Transform the Bank Guarantee Process
IBM, July 3rd, 2019
July 3, 2019,
Volume 256, Issue 1
The launch marks a significant milestone in the global development of blockchain solutions. Lygon represents an industry solution that the participants could not have individually implemented
The founding members have brought together their deep understanding of industry processes to navigate from proof of concept to a live platform that will directly benefit customers and address their feedback on the way in which bank guarantees have been issued to date.
Historically, bank guarantees have been issued manually and on paper. Digitising this process reduces the risk of fraud for all parties involved, decreases the potential for errors and significantly increases the speed of execution.
Initial findings suggest that the Lygon platform has the potential to reduce the time it takes to issue a bank guarantee from up to a month to on or around the same day. Lygon has the potential to benefit many sectors and to reduce the risk of fraud across billions of dollars guaranteed by the banks.
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