Turkish Exchange Starts Customer Database on the Blockchain Basis

Turkish Borsa Istanbul Stock Exchange (BIST) has developed a customer database that is powered by the blockchain technology.

The BIST is a result of merger of the Istanbul Stock Exchange, the Istanbul Gold Exchange and the Turkish Derivative Exchange. It has now 399 listed companies. Its market capitalization is 133 bln USD, and the total traded value is about 1 trillion USD.

The new platform is developed with the “know your customer principle concept” in mind, and thanks to the newly implemented technology, the company will be able to manage new customers, new documents and new information in general.

In August this year Turkey established the first blockchain project in the country, with the target to eliminate the gaps in the blockchain expertise and provide the new technology deployment. Bora Erdamar, the director of the project, believes, that Turkey has all chances to become a leading country in the blockchain technology development.

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