A new Hyperledger blockchain effort is seeking to stabilize the Chilean stock market and draw in overseas investors.
The Santiago Stock Trade (STE), Central Securities Depository (DCV), and the Global Trade Directory (GTD) will establish a blockchain association for this initiative, a BNamericas report on August 27 stated.
The so-called Technology Consortium will look at use cases for blockchain within the financial sector, particularly in progressing communications for domestic and international investors within the Chilean stock exchange.
Within 18 months, the association seeks to establish the Business Blockchain Network that will operate a collection of hubs. Purportedly, this interconnectivity will “reduce applications, times, and costs of administrative processes.”
“Innovation is a strategic pillar for the Santiago Stock Exchange. Through this Consortium we seek to generate the best conditions for the stock and financial business, with innovative and world-class solutions,” said Santiago Stock Exchange general manager José Antonio Martínez.
Last year, the STE executed the Linux Foundation’s Hyperledger system to bolster short selling and other financial instruments. The Hyperledger network is promoted as an enterprise-centered, permissioned blockchain. In addition, the International Swaps and Derivatives Association (ISDA) started integrating parts of the software in recent months.
The consortium will begin defining and finalizing the project’s details with input from affected institutions in the next six months. Production releases are anticipated at 6-month interims after that.
A leading Latin American banking supplier collaborated with cryptocurrency exchange Bitex to facilitate cross-border payments on the continent utilizing the bitcoin blockchain earlier this month.