Borsa Istanbul, Turkey's national stock exchange, announced the development of a blockchain-based customer database platform. The new system will store details of new customers and share documents on a decentralized network.
The blockchain project, which was implemented by Borsa Istanbul's IT Team, will synchronize information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey's (MKK).
In the project, prepared with the Know Your Customer or KYC concept, new customer information will be added to the specified database, existing information will be changed and document management will be realized via the Blockchain network, the market operator said in its statement.
The platform helps to avoid possible mistakes in the information entry into the database, and to create a fast, reliable and transparent platform.
The company added that the Blockchain-based platform can perform a high number of operations. It can also be used in other projects when necessary.
Borsa Istanbul, which was formed in 2013 with the merger of the Istanbul Stock Exchange, the Istanbul Gold Exchange, and the Turkish Derivatives Exchange (TurkDex), joins stock exchange operators around the world, who have increasingly turned to the distributed ledger technology for a number of applications.
Australian Securities Exchange or ASX recently delayed its planned transition to blockchain technology for processing equity transactions by six months as it requires more time for user development and testing.
Last month, the Singapore Stock Exchange had entered into a working partnership with the country's central bank, Monetary Authority of Singapore or MAS, to develop a blockchain platform for securities' settlements. The deal would enhance Singapore's Delivery versus Payment or DvP capacity with automation powered by blockchain smart contracts.
The Hong Kong Stock Exchange is also said to be exploring blockchain technology for cutting costs.
Meanwhile, German stock exchange Deutsche Boerse has established a unit for blockchain and crypto assets. The new "DLT, Crypto Assets and New Market Structures" unit will explore the disruptive potential of the technology towards financial markets infrastructure.
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