Based on a recent report, the Santiago Stock Exchange (STE), the Global Trade Directory (GTD), and the Central Securities Depository (DVC) has come together to form a new Hyperledger blockchain project to stabilise the Chilean stock market and bring in new investors from overseas.
The Technology Consortium will investigate cases regarding the usage of blockchain in the financial sector, especially in the enhancement of communications for both domestic and international investors in the Chilean stock exchange.
Also, the association of businesses hopes to begin the Business Blockchain Network which will operate a collection of nodes within a year and a half. This interconnectivity is expected to help “reduce applications, times, and costs of administrative processes.”
José Antonio Martinez, the general manager of the Santiago Stock Exchange said that:
“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,”
Previously, the STE established the Linux Foundation’s Hyperpedger framework in 2018 so as to support short selling and other financial services.
While marketing the Hyperledger network, it was described as an enterprise-focused, permissioned blockchain. However, in recent months, the International Swaps and Derivatives Association (ISDA) also started making use of some parts of the software.
In addition, for the next six months, the consortium will start defining and finalising information about the initiative with input from institutions which got affected by it. Thereafter, production releases are expected within intervals of 6 months.
Bantotal and Bitex
In other news, top Latin American banking provider — Bantotal, has formed a partnership with digital currency exchange— Bitex to facilitate cross-border payments on the continent while utilising the bitcoin blockchain.
The Chief Marketing Officer at Bitex, Manuel Beaudroit said that:
“The integration of Bitex into Bantotal program represents a major step in the breakthrough of blockchain technology in banking.”