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Innovative alliance to develop blockchain

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THE ASSOCIATION PIONEERS IN LATIN AMERICA AND GATHERS THE SANTIAGO STOCK EXCHANGE, THE DEPÓSITO CENTRAL DE VALORES AND GTD.

The Santiago Stock Exchange, the Depósito Central de Valores (DCV) and GTD today announced an association agreement, which will allow the creation of a Technology Consortium for developing various Blockchain-based applications for the financial market. This alliance is the first of its type in Latin America.

The agreement contemplates the development of a Blockchain Business Network, a new infrastructure that will allow the connection of local and international clients of the stock market through nodes provided by the Technological Consortium itself or installed in the client’s systems. In both cases, the network is accessed through APIs (Application Programming Interface) that will provide access to the different applications that will be carried out on the platform.

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PFor the development of the applications, the Linux Foundation Hyperledger Fabric framework (which the Santiago Stock Exchange successfully implemented last year on its new platform with Blockchain technology for its short sales and securities lending system) will be used to reduce time and cost of administrative processes.

“Innovation is a strategic pillar for the Santiago Stock Exchange. Through this Consortium we seek to generate the best conditions for the securities and financial business, with innovative and world-class solutions. In that sense, this alliance will allow us to make Blockchain technology available to different actors, helping our clients’ businesses”, added the General Manager of the Santiago Stock Exchange, José Antonio Martínez.

FFernando Yañez, General Manager of DCV, added that this agreement will allow us to share with the market all the knowledge that the companies that make up the consortium have acquired in recent years, with respect to the research and development of this new technology. “Since 2017 we have been working with other securities depositories in the world in the application of blockchain to our industry’s services, to which the project that we are carrying out with the Central Bank of Chile is added, whose purpose is to incorporate this technology in the issuance of its financial instruments,” he pointed out.

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After signing the agreement, the institutions will form a Technical Committee to define the details and design of the project in a period of six months, at which time those institutions that comprise the application development ecosystem for the financial market will be consulted, in order to validate the architecture design. Subsequently, a team with experience in Blockchain development will be dedicated for about 18 months to its construction providing production releases every six months.

Alberto Bezanilla, General Manager of GTD, added that “we are very proud to be part of an initiative like this, which is already working successfully and with very important players like The Stock Exchange and DCV, in an area where GTD is today a very relevant provider. Blockchain is a technology that has enormous potential to enter other markets and industries, in which our company has an important position for our connectivity, infrastructure and value-added services. We believe that this initiative opens up important possibilities for implementing similar platforms in other verticals in the future”.

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