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  • Top banks in Australia have entered into an agreement to offer certain aspects of the banking digitally on the blockchain.
  • Testing will begin firstly, with the tech giant IBM also including in the partnership with the technology development.  

 

The three largest banks in Australia have made an agreement to offer and process banking guarantees digitally on the blockchain.  

It is reported to be a partnership that these banks have entered, which also includes IBM and Scentre Group, to commence testing the new technology for digitizing bank guarantees.  

The three banks as part of this new development are, Australia and New Zealand Banking Group, Westpac Banking Corp, Commonwealth Bank of Australia.  

The general manager corporate and institutional banking commented on the announcement:

 While the pilot is focussed on retail property leasing, this technology has the potential to benefit many sectors and reduce the risk of fraud across billions of dollars guaranteed by the banks,