The Santiago Stock Exchange (STE), Central Securities Depository (DCV) and the Global Trade Directory (GTD) have jointly established a new blockchain alliance in the Latin America region. 

Reported by the BNamericas on August 27, STE, DCV and GTD have decided to partner with one another, in an attempt to assemble an association, devoted to further the growth of blockchain-based financial applications in Latin America. 

The consortium will reportedly be the first of its kind to be established in the area. 

The new alliance will particularly look to design and develop a business blockchain network, with different types of organizational structures that can create connections among stock market customers, across the globe, through nodes. This will grant them access to numerous apps operating on the Hyperledger-powered platform. 

“Since 2017 we have been working with other securities deposits in the world in the application of blockchain to the services of our industry, to which is added the project that we are carrying out with the Central Bank of Chile to incorporate this technology in the issuance of its financial instruments.” Fernando Yañez, Central Securities Depository general manager, remarked regarding the news. 

Following the birth of the association, a new technical committee will also be formed, which is in charge of building the system within half a year, and provide consultations to members of the consortium. 

A team of blockchain-based engineers will also be brought on board to design the blockchain features, and produce products on a six-month basis.