Borsa Istanbul, Turkey’s state-backed stock exchange, has announced the development of a blockchain platform that will store details of new customers and share documents on a decentralized network.
The bourse operator announced that the blockchain platform was developed in-house to accommodate Know Your Customer (KYC) norms, registering new customers and the sharing of information and documents securely in a ‘fast, reliable and transparent platform’.
The blockchain platform has already enabled a number of entities including the national depositry, the clearing and settlement authority as well as Borsa Istanbul to share and sync their customer databases.
As reported by local newswire Anadolu, the bourse said: “With the blockchain-based project, which was prepared by Borsa Istanbul IT team, information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK) has been synchronized.”
Further, document management and the editing of customer information will also be facilitated on the blockchain network. “In this way, possible mistakes in the information input into the database will be avoided,” the statement read.
Borsa Istanbul adds that the platform is technically adept and capable to “perform a high number of operations and can be used in other projects”, explaining its security framework borrows from the robust safeguards enabled by blockchain technology.