A Joint Company 1B Pty Ltd Will Operate Blockchain Technology-based Digital Bank Guarantees Platform Lygon

1B Pty Ltd is a joint company who will operate a blockchain technology-based digital bank guarantees platform called Lygon.

A financial services company called Australia and New Zealand Banking Group (ANZ), a business bank called Commonwealth Bank (CBA), and a financial services company called Westpac who has made a partnership with an American multinational information technology company called International Business Machines IBM Corporation. Piloting Lygon is a purpose of the partnership. IBM Blockchain Platform is used by Lygon. It is created upon a blockchain framework implementation called Hyperledger Fabric.

Speeds of executions can be increased and frauds risks can be reduced using Lygon. IBM said, “This new, digital process increases transparency and security through the use of blockchain technology while maintaining the privacy required in such a business process.”

While the Banking Services Lead at ANZ Nigel Dobson said, “We have been keen to avoid the hype surrounding blockchain and distributed ledger technologies, and instead focused on practical and deliverable use cases.”

The American multinational information technology company IBM Corporation is one of the largest private employers across the United States. It was established on 16 June in the year 1911. Armonk, New York, United States is the headquarter of IBM Corporation. Charles Ranlett Flint is the founder of the company. While Ginni Rometty is the Chief Executive Officer (CEO) of the company. Its business is expanded into 170+ countries. Producing and selling computer hardware, middleware, and software is a purpose of the company. While offering hosting and consulting services in areas like mainframe computers and nanotechnology is one more purpose, according to IBM Wikipedia page.

2 months will be used for the pilot. The pilot will be carried out with live data & transactions for a test group. The test group has Westfield property leasing-based customers. Expanding digitized bank guarantees during stages is a plan of the group. The blockchain technology-based digital bank guarantees platform Lygon supports the digitized bank guarantees, ZDNet reported.

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