The new system is meant to avoid possible mistakes and provide healthy information flow among financial institutions.
Turkey's Borsa Istanbul announced that it has developed a blockchain-based system for healthy information flow among the financial institutions, according to local newswire, Anadolu.
In a statement, Borsa Istanbul stated that with the blockchain-based project information in the customer database of Borsa Istanbul, Istanbul Clearing, as well as Takasbank and the Central Securities Depository of Turkey's (MKK), has been synchronised.
The project was designed under the Know Your Customer (KYC) concept and the addition of new customers, editing of information as well as management of documents will be carried out on the blockchain network.
The application's security substructure is based on the blockchain and the technical substructure enables the system to carry out a large number of operations.