Turkey’s Borsa Istanbul Stock Exchange has developed a blockchain-based customer database to be shared among financial institutions.

“With the blockchain-based project, which was prepared by the Borsa Istanbul IT team, information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey’s (MKK) has been synchronised,” the BIST says in press release. “With the new platform, possible mistakes when inputting information into the database will be avoided.”

KYC

The platform was designed under the Know your Customer (KYC) concept to manage registration of new customers, documents and edit information, although, “if required, the application can be used in other projects too”, the BIST adds.

Turkey founded in August the country’s first university-level blockchain learning centre to form new blockchain experts and ensure the revolutionary technology can be implemented countrywide.

Proactive in blockchain adoption

The eastern European and Western Asian country has proven to be proactive in blockchain adoption and has considered launching its own national cryptocurrency. However, Turkish lawmakers of the state Directorate of Religious Affairs have previously stamped Bitcoin as not compatible with Islam.

Cryptocurrency exchanges in Turkey have reportedly been supported by most local banks, which makes it easier for newbies to buy and sell crypto.