Three of Australia's "big four" banks bring bank guarantees on blockchain

Cointelegraph

Published Sep 01, 2020 05:24AM ET

Updated Sep 01, 2020 07:00AM ET

Three of the “big four” Australian banks are forming a new company called Lygon to digitize bank guarantees using blockchain technology.

Bank guarantees are an official contract between a debtor and a financial institution. It ensures the debtor and the debt provider that the debt will be paid on time under all circumstances.

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