Borsa Istanbul is a Turkey-backed stock exchange which made an announcement about the development of a blockchain platform. This platform is said to store the information of new joiners and share customer documents on a decentralized network.
Turkey Borsa Istanbul Stock Exchange Developing a Database Blockchain Platform
On Wednesday, the bourse operator mentions that the blockchain platform is being developed in-house for the following purpose:
- Accommodating the Know Your Customer (KYC) norms,
- New customer registration
- Sharing information with documents via a safe, quick, and transparent platform
Notably, the blockchain platform is already putting efforts to enable a number of entities including
- The national depository
- The clearing & settlement authority
- Borsa Istanbul for sharing and synchronizing their customer databases
By translating the statements, according to the local newswire Anadolu report, bourse says:
With the blockchain-based project, which was prepared by Borsa Istanbul IT team, information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK) has been synchronized.
The statement also reads,
The document management and editing information of customer will facilitate on the blockchain network. This will avoid the possibility of mistakes in the information input within the databases.
Borsa Istanbul describes their platform as it can technically adept and possess the ability to perform a huge number of operations. The users can also use the platform in multiple projects. Further, elaborating on its security framework borrows the robust protection from the blockchain technology.
The endeavor is joining a rapidly evolving industry wherein there are some of the world’s leading stock exchanges that are increasingly adopting the cores of blockchain technology regarding several applications.
Despite a small delay, the Australian Securities Exchange (ASX) is trying to grab a stone to become the initial major stock exchange in the world. They aim to entirely integrate blockchain as the core technology incorporating the post-trade processes.
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Back in the previous month, the Singapore Exchange also made a confirmation on a joint project with the central bank of the country. Their collaboration is made to transact and settle the securities with digital tokens across blockchain.
The sixth largest exchange operator, Hong Kong Stock Exchange is following the bandwagon to turn into a transformative technology for cutting costs.
On 3rd September, Deutsche Börse which is a German stock exchange also launches a cryptocurrency and blockchain department with dedication.