CFOtech Australia logo
Technology news for Australian CFOs and financial decision-makers
Story image

IBM & partners launch blockchain platform for retail leasing

Fri 5 Jul 2019
FYI, this story is more than a year old

Major Australian finance and tech firms comprising ANZ, Commonwealth Bank, IBM, and Scentre Group and Westpac have launched a new pilot program that will bring blockchain into the retail property lease system.

The four companies recently launched a project called Lygon, which uses blockchain to help businesses obtain and manage bank guarantees as part of a retail property lease.

Historically, bank guarantees have been issued manually and on paper. Digitising this process reduces the risk of fraud for all parties involved, decreases the potential for errors and significantly increases the speed of execution.

The Lygon platform could potentially reduce the time it takes to issue a bank guarantee from up to a month to on or around the same day. It could also be applied to many sectors, and it could reduce the risk of fraud across billions of dollars guaranteed by banks.

The pilot will run for eight weeks with live data and transactions for a test group of retail property leasing customers from this week. 

In subsequent phases, Lygon plans to expand the range of digitised bank guarantees that it supports across other industries as well as offering its services to other customers in the retail property sector.

The four companies say Lygon is a feat in the development of blockchain solutions, and it’s something no one company could have done alone.

“Leveraging the IBM Blockchain Platform, we have transformed a paper-based banking process into an enterprise grade digital platform ready for live production at-scale,” comments IBM Asia Pacific vice president of blockchain, Paul Hutchison. 

“Lygon streamlines the bank guarantee process, making it more secure, helping reduce fraud risks and providing advanced transparency and privacy settings. IBM is proud to be an integral part of this development and to provide the infrastructure for this innovative banking solution which we expect to take off here in Australia and globally.”

The pilot will involve lease holders with retail outlets in some of Scentre Group’s Westfield living centres across Australia. After the pilot, Lygon intends to offer access to the platform to all issuers, applicants, and beneficiaries and support broader use cases over time. 

“While the pilot is focussed on retail property leasing, this technology has the potential to benefit many sectors and reduce the risk of fraud across billions of dollars guaranteed by the banks,” comments Westpac general manager of corporate and institutional banking, Didier Van Not.

“This is a significant expansion of the proof of concept we conducted in 2017. We have created a blockchain-based platform to digitise the bank guarantee ecosystem. The pilot will test live transactions using distributed ledger to prove the technology is commercially viable. It is a great example of digital transformation that refines the customer experience.”

The Lygon platform will be operated by Lygon 1B Pty Ltd, a company jointly owned by the five founding members.

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Digital wallets
NFTs are ready to disrupt the ticketing world
The last few months have seen NFTs wielded by digital creators to take ownership over their craft and content. Now other industries are beginning to understand the real-world value that these nifty decentralised tokens can provide.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Sustainability
Honeywell launches new carbon energy management software for buildings
The new Carbon & Energy Management service allows building owners to track and optimise energy performance against carbon reduction goals, down to a device or asset level.
Story image
SaaS
Sealord partners with Infor to improve sustainability
Sealord has chosen Infor as a strategic partner to implement an operational cloud-based platform that provides day-one functionality and sustainability gains.
Story image
BitTitan
How to achieve your monthly recurring revenue goals
Monthly recurring revenue (MRR) is the ultimate goal, the most important issue on which anyone in the IT channel should focus.
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
Attack
Phishing attacks are making a comeback
No matter what approach or tool cybercriminals use to breach a network, they all have one thing in common: access.
The Access Group
Struggling to understand which transformative technologies will help your business? The Access Group provides a look into key opportunities and impacts for finance.
Link image
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Citrix
The best ways to attract young talent during labour shortages
New research from Citrix reveals hybrid working and ventures into the metaverse are top of mind for Gen Z workers.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from CrowdStrike
Scott Jarkoff joins us today to discuss current trends in the cyber threat landscape, and the reporting work CrowdStrike is doing to prevent further cyber harm.
Story image
Fintech
Corpay announces new collaboration with Triterras
Corpay and fintech firm Triterras have announced a new collaboration between Corpay’s Cross-Border business and Triterras Inc.    
Story image
3D Printing
Fleet Space, Konica Minolta partner for 3D printer offering
Fleet Space has partnered with Konica Minolta to implement 3D printers from 3D Systems to support the commercial small satellite manufacturer’s offerings.
Story image
Gartner
Gartner's top recommendations for security leaders
"Leaders now recognise that major disruption is only one crisis away. We can’t control it, but we can evolve our thinking, philosophy, program and architecture.”
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
The Access Group
Health and social care organisations are currently under significant financial pressure. Find out how financial transformation can help provide an effective route forward.
Link image
Story image
Digital Transformation
Stax and Consegna partner to accelerate modernisation
According to a statement, the new alliance will help both companies expand their reach across the region and realise joint goals.
Story image
Accounting
One in five Aussies never reimbursed for work expenses
A new survey has exposed Australian employee job dissatisfaction, with many being left out of pocket for work expenses. 
The Access Group
Increasing headcount isn't always the best way to grow. A good financial strategy can help solve many issues, and The Access Group shares the secret to success.
Link image
Story image
Cloud
Cloudflare outage in 19 data centers worldwide due to own error
Cloudflare says its outage for 19 of its data centers yesterday was because of a change in a long-running project to increase resilience in its busiest locations.
Story image
MarTech
Martech experts reveal the “buzz” on personalisation
In the digital age, innovative technology must be leveraged to power an efficient and effective relationship marketing strategy.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Macquarie Data Centres
Macquarie deal to pioneer CO2-cutting data centre tech in Australia
Macquarie Data Centres has signed a multi-year deal with ResetData, an Australian first provider using Submer data centre technology. 
Story image
MSP
Video: 10 Minute IT Jams - An update from CyberArk
Olly Stimpson joins us today to discuss the importance of MSP programmes and how MSP partners are experiencing success with CyberArk.
Story image
New Relic
How to tackle the great brain drain in the tech industry
Attracting and retaining tech talent in Australia and New Zealand is becoming increasingly challenging, with the 2022 Hays Salary Guide showing a startling 91% of employers facing a skills shortage.
Story image
Talend
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Dicker Data
EXCLUSIVE: Why women in IT makes good business sense - Dicker Data
The Federal government wants to bolster female participation in the tech industry to at least 40% by 2030. Here's how one homegrown Australian company has already reached that goal.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why its time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Testing
Video: 10 Minute IT Jams - An update from Tricentis
Tricentis provides software testing automation, and software quality assurance products for enterprise software.
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Story image
Music
Mastercard reveals first-ever album titled Priceless
Mastercard's music album Priceless has been unveiled at the Cannes Lions Festival of Creativity and features 10 songs by 10 artists worldwide.
Story image
DNS
DigiCert acquires DNS Made Easy and affiliated brands
Greg Clark comments, says, "This combination enhances the security of certificate validation and enables the automation of future validations."
Story image
Hybrid workforce
Why hybrid working is here to stay and how to ace it
Citrix's new report reveals hybrid workers are more productive and engaged at work than their office and completely remote counterparts.
Story image
Contact Centre
Customer service agents don't want to return to contact centres
A new report has revealed that 85% of customer service agents want to work full-time at home and not return to contact centre offices.