IBM has collaborated on a live pilot for Lygon, a blockchain platform that will digitise bank guarantees for property leases. The pilot launched in partnership with the ANZ Bank, Commonwealth Bank, Westpac Banking Corporation and also shopping centre company Scentre Group. By digitising the guarantee process, the partnership aims to make it safer, easier and faster for companies to secure property leases – with initial test results showing Lygon could reduce the time it takes to issue guarantees from one month to one day. The pilot launched on July 3rd and will run for eight weeks, showing live data for a test group of lease holders with retail outlets in Scentre Group’s centres. In later phases, Lygon’s services will be offered to other customers in the retail property sector. “The pilot will test live transactions using distributed ledger to prove the technology is commercially viable,” said Didier Van Not, General Manager of Corporate and Institutional Banking at Westpac.
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