IBM and Chile's Santiago Exchange have announced a partnership to introduce Blockchain technology across the country's financial sector. The agreement makes the Santiago Exchange the first stock market in Latin America to apply IBM Blockchain technology within its short-selling system for securities lending.
Blockchain works as an immutable ledger that records transactions, allowing secure information exchange. Built by IBM and Chile's Santiago Exchange, the solution is designed to help reduce errors, possible frauds, and processing time for each transaction, while also improving transaction management and lowering costs. In the case of Santiago Exchange, the solution will result in significant time savings for back-office processes.