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Blockchain and letters of guarantee

Paper-intensive financial instruments, especially those that require back-and-forth negotiations between parties, are ripe for digitization and blockchain. Add in the potential for fraud with paper processes, and the rationale for blockchain is even greater. The bank guarantee, or letter of guarantee, is just such an instrument. Bank guarantees facilitate doing business by adding trust to […] The post Blockchain and letters of guarantee appeared first on Blockchain Pulse: IBM Blockchain Blog.

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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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