Turkey’s Borsa Istanbul Stock Exchange (BIST) has developed a blockchain-powered system for a “healthy” information flow between financial institutions, Daily Sabah reported September 6.
BIST’s new system will synchronize its customer database together with those of Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK).
Designed under the Know-Your-Customer (KYC) concept, the platform will manage the incorporation of new customers, manage documents, and edit information. The application can be utilized in other projects too if needed, Borsa Istanbul added.
Furthermore, the application’s security substructure is reportedly based on the blockchain. This and its technical substructure enables the system to execute a large number of operations.
“In this way, possible mistakes in the information input into the database will be avoided […]”
Like with the rest of the world, Turkey is exhibiting a proactive approach to blockchain adoption. Earlier this August, the country inaugurated its very own Istanbul Blockchain and Innovation Center (BlockchainIST Center) at Bahçeşehir University (BAU), Ibinex News reported.
The Center will be Turkey’s first university blockchain center. It plans to use blockchain in all areas in order to close “the experience gap in the market.”
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