Turkey’s State-Backed Stock Exchange Develops A Blockchain Platform
Borsa Istanbul has announced the development of a blockchain platform for storing new customers’ details and sharing documents on a decentralized network as well as accommodating KYC norms.
The solution has already enabled several entities including the national depository, the clearing and settlement authority to sync and share their databases. Document management and the editing of customer information will also be performed on the blockchain network.
Turkish stock exchange is following a growing trend among the world’s biggest stock exchanges for adopting blockchain solutions. For example the Australian Securities Exchange (ASX) will be the first to completely integrate this technology in a post-trade process. Singapore’s Exchange announced a partnership with the country’s central bank to settle and transact securities in tokens over a blockchain; the Hong Kong Stock Exchange, the world’s 6th largest operator, is implementing blockchain to cut costs.Lastly, Deutschland Borse of Germany have launched a dedicated crypto and blockchain department.