Three largest banks form a strategic alliance to mark Australia’s debut into blockchain

Australia marks the first use of blockchain technology to offer retail financing guarantees. Its three largest banks – Australia and New Zealand Banking Group, Westpac Banking Corp, and Commonwealth Bank of Australia form a strategic alliance to facilitate a bank guarantee for shopkeepers using shared blockchain database. The three banks have also engaged in a partnership with IBM and Scentre Group, a local shopping center company, to begin the test runs on blockchain for digitizing guarantees process. Blockchain to remodel the existing system In the existing guarantees process, shopkeepers are issuing a physical copy of the guarantee of the rent