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.
In an announcement on Wednesday, the bourse operator said 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’.
Notably, 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.
In translated statements reported by local newswire Anadolu, the bourse said:
Further, document management and the editing of customer information will also be facilitated on the blockchain network.