Santiago Stock Exchange Announces Latin America Blockchain Alliance
Particularly, the new hyperledger initiative is seeking to stabilize the Chilean stock market and attract overseas investors according to a BNamerica’s report. Reportedly, this is the first such Blockchain initiative in Latin America.
As per the report, the Blockchain Technology Consortium will analyze and examine the use cases of Blockchain tech in the financial sector; specifically in improving communication for both domestic and international investors in the Chilean Stock Exchange.
In addition, the agreement foresees the development of business Blockchain infrastructure; meant to link worldwide stock market clients via nodes providing access to different applications running on the hyperledger based network. According to Central Securities Depository general manager Fernando Yañez:
“Since 2017 we have been working with other securities deposits in the world in the application of blockchain to the services of our industry, to which is added the project that we are carrying out with the Central Bank of Chile to incorporate this technology in the issuance of its financial instruments.”
Specifically, the STE had applied the Hyperledger framework by Linux foundation in 2018; to support financial instruments like short selling. This hyperledger infrastructure was only a permissioned enterprise Blockchain network.
A Two Year Time-frame
In conclusion, after finalizing the agreement; the three institutions will form a technical committee to design the system within six months; consulting with alliance members.
Afterwards, a team of developers will build the Blockchain based network. This process will conclude within a time frame of 18 months. The team will report product releases every six months
