Santiago Stock Exchange set to partner in Blockchain alliance.

To stabilize the Chilean stock market and lure in overseas investors, a new Hyperledger blockchain initiative is being established. This new initiative is looking into the Chilean stock market and ways to improve and stabilize it

According to a BNamericas report, published August 27th, ” the Santiago Stock Exchange (STE), the Global Trade Directory (GTD) and the Central Securities Depository (DCV) and will form a blockchain association for this task ahead.”

Blockchain use cases in the financial sector, specifically in the area of improving communications for domestic and international investors in the Chilean stock exchange will be examine and tackled by this technology consortium

It is expected that within 18 months, the association will institute the Business Blockchain Network that will operate a collection of nodes.

According to reportes, “this interconnectivity will “reduce applications, times, and costs of administrative processes.”

Innovation is a strategic pillar for the Santiago Stock Exchange. “Ultimately, this Consortium seeks to generate the best conditions for the stock and financial business, with innovative and world-class solutions,” stated by José Antonio Martínez, the general manager of the Santiago Stock Exchange,

The Linux Foundation’s Hyperledger framework was implemented by STE last year, aimed to support short selling and other financial instruments.

The Hyperledger network is marketed as an enterprise-focused, permissioned blockchain.
Parts of the software were being integrated in recent months by the international Swaps and Derivatives Association (ISDA)

In the next six months or a little more, the project’s details with input from affected institutions be finalised. within 6 month intervals, production releases are expected.

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Credits: Daniel Kuhn

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