- Other Apps
Very exciting to see that, ANZ, Westpac, Scentre and IBM have completed successful blockchain trial for bank guarantees.
In effect, the trial used Distributed Ledger Technology (DLT) to eliminate the need for current paper-based bank guarantee documents, resulting in a single source of information with reduced potential for fraud and increased efficiency.
For those who are unfamiliar, DLT powered by Hyperledger Fabric V1.0 is a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation. DLT is part of what underpins a blockchain.
The companies involved in the trial have today released a whitepaper detailing how the solution worked and how it could be used in other situations that rely on bank guarantees.
You can view the whitepaper here: https://bluenotes.anz.com/content/dam/bluenotes/documents/whitepaper%20_bank_guarantees_dlt_poc.pdf