Santiago Stock Exchange Announces Blockchain Alliance
A recent Hyperledger blockchain initiative intends on stabilizing the Chilean stock market and attract international investors.
According to a BNamericas report from August 27th, the Central Securities Depository (DCV), the Santiago Stock Exchange (STE) and the Global Trade Directory will collaborate to become a blockchain association for this purpose.
The apparent Technology Consortium will analyse the applications of blockchain for the financial sector, focusing primarily on improvising communications for both local and international investors in the stock exchange in Chile.
The consortium, within a period of 18 months, intends to institute a Business Blockchain Network which will regulate a number of nodes. This interoperability will purportedly “reduce applications, times, and costs of administrative processes.”
“Innovation is a strategic pillar for the Santiago Stock Exchange. Through this Consortium we seek to generate the best conditions for the stock and financial business, with innovative and world-class solutions,” said José Antonio Martínez, the general manager of the Santiago Stock Exchange.
The STE had applied the Hyperledger framework by Linux Foundation last year, in order to support financial instruments such as short selling. This Hyperledger network was marketed as a permissioned, enterprise-focused blockchain network. Recently, the International Swaps and Derivatives Association (ISDA) also started to combine parts of the software.
Over the period of the next six months, the association will start developing and finalizing the project’s details with inputs given by the related institutions. The production launch will supposedly happen at 6-month intervals after.
According to a report from earlier this month, a Latin American banking provider collaborated with Bitex, a cryptocurrency exchange, to enable international payments in the continent leveraging the Bitcoin (BTC) blockchain.
- Blockchain Firm Telos Provides Origin Tracing to Spanish Cider Makers
- DBS, Contour Conclude Secured Letter of Credit Transaction on Blockchain Network
- Immunity Passports can be Blockchain’s Breakthrough Application
- Blockchain Could Help to Foster Global Jobs Creation
- Telefónica, Deutsche Telekom and Vodafone Use Blockchain for Roaming Settlement
Hottest Blockchain News Daily
Get our latest news and posts in your inbox.