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Three of Australia’s “big four” banks bring bank guarantees on blockchain

Blockchain tech could purportedly reduce the timeline of bank guarantees processes by days. Three of the “big four” Australian banks are forming a new company called Lygon to digitize bank guarantees using blockchain technology.  Bank guarantees are an official contract between a debtor and a financial institution. It ensures the debtor and the debt provider that the debt will be paid on time under all circumstances. The Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia and Westpac Banking Corporation along with two other shareholders — the Australian shopping center company Scentre Group and technology behemoth IBM —…

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