IBM starts blockchain project

IBM has partnered with three Australian financial services companies on a private blockchain release,  Lygon, according to bitcoin news website Coindesk.

The collaboration was announced July 3. IBM, ANZ, Commonwealth and Westpac will use the blockchain to collect and digitize data from a test group of lease holders in Australia.

By using blockchain, IBM and the banks hope to shorten the time it takes for guarantees to be issued. Typically, banks can take up to a month to issue guarantees. Using Lygon, issuing a guarantee could be done in a day, Coindesk reports.

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