London Stock Exchange uses IBM blockchain technology

London Stock Exchange uses IBM blockchain technology

London Stock Exchange uses IBM blockchain technology

Borsa Italiana, a member of the London Stock Exchange Group (LSEG), has teamed up with IBM to build a Blockchain platform to help European SMEs digitise and manage shareholder data.

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Through its Italian subsidiary, Borsa Italiana, the London exchange expects to help unlisted SMEs get better credit and attract investment by making it easier for the relevant organisations to access information about them.

The platform is now being tested by a sample of Borsa Italiana clients and is expected to be rolled out to European SMEs in the future.

"We are taking the lead in transforming the way European SMEs can manage their shareholder data and at the same time expand credit access - all on a trusted digital platform".

Due to a lack of transparency, SMEs have traditionally found it hard to attract investors and get credit.

London'S Stock Exchange is set to start using blockchain to improve transparency for shareholding information among unlisted businesses. But through the distributed ledger technology, stakeholders such as lenders, investors and regulators will have easy access to company information.

David Harris, head of commercial technology innovation for the London Stock Exchange Group, said that replacing spreadsheets and paper records of ownership with blockchain records can benefit an SME in a number of ways.

The solution would be built on Hyperledger Fabric version 1.0; a blockchain framework.

Converting paper records, which can be hard to verify and easy to dispute, into a blockchain system where records are traceable, viewable by all parties, and can only be changed if parties agree, can help privately held SMEs to create a standardized and verifiable ownership system.

"Sharing secure and transparent critical network data across shareholder networks is hard using traditional systems", said Marie Wieck, general manager of IBM Blockchain.

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