The Turkish Borsa Istanbul Stock Exchange (BIST) announced the development of a blockchain-powered platform designed to improve the flow of information between different financial institutions, according to a September 6 article published in state-owned newspaper The Daily Sabah.
The new system was developed by the Borsa Istanbul IT team and is intended to synchronize the databases of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK).
The new blockchain platform is reportedly designed “under the KYC concept” and will be able to manage the addition of new customers, the editing of information, and the management of documents.
The security of the new system is based on the technical substructure of blockchain technology, which reportedly allows the system to carry out a large number of operations. BIST stated that the new blockchain platform can also facilitate other projects if required.