The Lygon blockchain platform running on IBM Public Cloud has reportedly successfully completed a pilot project since last year with Australian banks ANZ, Commonwealth Bank of Australia (CBA), Westpac and a group of 20 Australian companies.

When Lygon is implemented, banks are expected to file bank guarantees in just one day, while existing paper guarantees could take a month. According to a September 1 report, three Australian banks, Center Group Group vendors and IBM plan to expand Lygon’s platform for commercial use.

A bank guarantee is a type of financial support provided by a lending institution. A bank guarantee means that the lender will insure the debt obligations. Financial guarantees are said to be required under retail lease agreements starting this month. Nigel Dobson, CEO of Legion, added that:

“Lygon platform marketing represents an important milestone for blockchain technology in Australia and around the world. In digitizing bank guarantee, we have essentially transformed the tripartite agreement. We have digitized documentation, process and legitimacy …”

The platform reportedly attracted new applicants throughout the quarter and supports several other common bank guarantee processes, including changes and cancellations.

It is reported that after the commercial launch of the blockchain platform from early next year, digital banking guarantees will expand to international customers and markets.

Source: CoinTelegraph