Santiago Stock Exchange Launches Latin America’s First Blockchain Alliance

Santiago Stock Exchange (STE), Chilean Central Securities Depository (DCV) and Global Trade Guide (GTD) have announced the creation of a new blockchain consortium.

BNamericas reports that STE, DCV and GTD have created a consortium for developing financial applications on the blockchain, which was the first such initiative in Latin America.

The agreement provides for the creation of a blockchain network for business: an infrastructure designed to connect stock market customers around the world through nodes that provide access to various applications running on the Hyperledger platform.

Fernando Yañez, Director General of the Central Securities Depository, commented on the initiative:

“Since 2017, we have been working with other securities depositories on the use of blockchain in our industry. Now, a project is being added to these efforts, which we are implementing together with the Central Bank of Chile to include this technology in the issuance of financial instruments. ”

After signing the agreement, the three institutions will form a technical committee, which will be tasked with designing the system for six months in consultation with the members of the alliance. After this stage is completed, after about 18 months, a development team will be hired to create a blockchain platform.

Latin American countries are increasingly engaged in the implementation of the blockchain. In June, Brazilian regulators said they would create a regulatory sandbox for blockchain companies. In the same month, Microsoft registered
blockchain platform for agriculture in Brazil.