Turkey's national stock exchange sets up Blockchain platform
Since a recent study revealed that half of the Turks were interested in crypto-industry, the country quickly took the lead in technological innovation. Borsa Istanbul, a state-funded Turkish stock exchange recently announced the establishment of a Blockchain-based system that would allow the flow of sound information between financial institutions.
Borsa Istanbul uses Blockchain
According to the Borsa Istanbul press release, its new "fast, reliable and transparent platform" allows the secure storage of customer information. These documents can be transferred to a decentralized network.
"With the project based on the Blockchain, which was prepared by the Borsa Istanbul IT team, information from Borsa Istanbul's customer database, the Clearing Bank, Settlement and Custody Bank (Takasbank), and the central securities depository of Turkey (MKK) have been synchronized, "says local media reports quoting the announcement of the stock market.
The Blockchain is trendy within the purses
The Borsa Istanbul Blockchain project is in line with the Know Your Customer (KYC) procedure . In addition, the addition of new clients, the editing of information and the management of documents will be carried out on the Blockchain network.National custodians and clearing and settlement authorities are now free to exchange information securely in addition to storing user KYC data.
The news follows a worldwide trend towards the adoption of Large Distributed Register (DLT) technology. Recently, the Australian Securities Exchange announced the launch of a platform similar to that of Borsa Istanbul.The German Stock Exchange, the Singapore Stock Exchange and the Hong Kong Stock Exchange have all started to incorporate Blockchain technology into their systems.
What do you think of the Blockchain system launched by the Turkish Stock Exchange? Tell us in the comments section below.
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i thought turkey banned altcoins.
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