Monday, March 30, 2020

National Stock Exchange of Turkey Develops a Database Platform Using Blockchain Technology

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Turkey’s National Stock Exchange, Borsa Istanbul, has brought it to the knowledge of the public that it would be building a blockchain platform which will record data of its new customers and share related documents using the Distribution Ledger Technology (DLT).

Snippet from the Press Statement

According to the press release on Wednesday, September 5, 2018, the bourse operator said the blockchain platform was developed to store data and was built in-house so as to accommodate the Know Your Customer (KYC) norms. It further stated that registering new customers and sharing information and documents using the blockchain technology is secured in a ‘fast, reliable and transparent platform.’

It is no gainsaying that the blockchain platform has already been adopted in the country in no small way, it has enabled a number of institutions including the national depository, the clearing and settlement authorities and also the country’s stock exchange, Borsa Istanbul, to share and sync their customer database. Without any doubt, Turkey is a pro-blockchain state as it was stated in the translated statement which was published by a local Turkish media platform, Anadolu, the bourse operator said that;

“With the blockchain-based project, which was prepared by Borsa Istanbul IT team, information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK) has been synchronized.”

Also, there is every likelihood that document management and editing of customer information will be done through the instrumentality of the blockchain technology. The statement released by the institution, it states that;

“In this way, possible mistakes in the information input into the database will be avoided.”

Borsa Istanbul further stated that the newly introduced blockchain technology technically has the requisite capacity needed to “perform a high number of operations and can be used in other projects.” It further stated that the institution implored the trusted Distribution Ledger Technology (DLT) so as to ensure a secured security system enabled by blockchain technology.

Other Related Blockchain Adoptions

This move of technological advancement has earned Turkey a seat in the gathering of countries introducing blockchain into forex trading. It is crystal clear that some world’s largest stock exchange has increasingly imported the blockchain technology into numerous sectors. Even with the little delay experienced by the Australian Securities Exchange (ASX), the exchange platform has managed to acquire its tile of being the first major stock exchange in the world to integrate blockchain fully as its core technology for its post-trade activities.

Similarly, the Singapore Exchange has joined this trend as it reportedly confirms a joint-project in collaboration with the country’s central bank in order to transact and settle securities in cryptocurrencies over a blockchain technology.

Also. its Hong Kong counterpart, Hong Kong Stock Exchange, that happens to hold the sixth position in the world exchange operators’ ranking, is also engaged in plans to resolve to the transformative technology in order to cut cost.

The German Stock Exchange has also revealed on Monday 3rd of September 2018 that the platform will also be joining the train headed towards blockchain by launching a dedicated digital currency and blockchain department.

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