ANZ Bank, Western Pacific Bank, IBM completed the block chain test, digitized the bank guarantee process

nnThe Bank of Australia and Australia, Westpac, IBM and the shopping center operator Scentre Group, have successfully completed a block chain test project to digitize the bank guarantee process for commercial real estate leasing. The test project canceled the current paper bank guarantee documents, a single source of information, thereby reducing the possibility of fraud, while improving the efficiency of bank guarantee business process.n
nnTranslation: Clovern

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nCommercial Banks Australia and New Zealand have collaborated with Westpac, IBM and the shopping center operator Scentre Group to successfully digitize block-chain testing of bank guarantees that will be used for commercial real estate leasing.n
nThe report said that the pilot project using block-chain technology to eliminate the existing paper bank guarantee documents needs. As a result, this creates a single source of information, thereby reducing the likelihood of fraud and increasing efficiency.n

nNigel Dobsonn
nNigel Dobson, general manager of digital business for digital banking at ANZ Bank, said:n
nn”We have always wanted to avoid speculation around the block chain and distributed taxonomy technology, but rather focus on the actual deliverable use case.” This proof of proof demonstrates how we can work with our partners for our customers Development of digital solutions, while the industry can be widely used. “n
nnThe block-chain test project uses distributed classification book technology (DLT) that is supported by Hyperledger Fabric V1.0, and Hyperledger Fabric V1.0 is a block-chain framework initiated by the Linux Foundation.n
nThe partners who participated in the block chain test project jointly published a white paper detailing the work of the solution and could be used to rely on other scenarios that banks secured. The test project will also address other inefficiencies in the current bank guarantee process, including the challenges of tracking multiple changes and reporting on the state of the guarantee.n
nAndrew McDonald, general manager of corporate and institutional banking at Western Pacific Bank, said:n
nn”This is related to the elimination of fraud costs, errors and operational risks, and as long as the bank guarantees are still based on paper and manual issuance, these risks will continue to exist, followed by encouraging all industry participants to adopt this technology so that we can In addition to this technology there is no reason why it can not be applied to other industries. “n

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