Lygon Blockchain Platform Prepares To Go Commercial Following Successful Pilot Tests In Australia
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Running on the IBM public cloud, the Lygon blockchain platform has just successfully reported that its pilot with Australian banks has been a success since last year.
The financial institutions are believed to issue bank guarantees in just one day after they implement Lygon compared to the current paper-based guarantees that can take up to a month. Three Australian banks and retailers are planning to expand this pilot test as well as the Lygon platform for commercial use according to reports released on the 1st of September last week.
The chairman of Lygon, Nigel Dobson has said the following on the matter:
“The commercialisation of the Lygon platform represents a significant milestone for blockchain technology in Australia and globally. In digitising a bank guarantee, we’ve essentially transformed a three-way contract. We’ve digitised the paperwork, the process and the legality behind it...”