The Turkish market has been warming up to digital currencies and Blockchain Technology recently. It took another step towards the technology when the Borsa Istanbul Stock Exchange (BIST) developed a blockchain-powered customer database. BIST is a merger of the Istanbul Stock Exchange, Istanbul Gold Exchange, and the Turkish Derivatives Exchange (TurkDex).
The blockchain-powered database is targeted to collect, store, and edit the Know Your Customer (KYC) database that can be used for identification. The success of this database will lead to the use of this application in various other projects.
In recent years, Turkey has enjoyed a good amount of cryptocurrency exchange as it is supported by most of its banks. Also, due to the lower rate of their national currency, the Turkish lira, many traders invested in Bitcoin to save their money from devaluation.
In translated statements reported by local newswire, in June 2018 the Singapore Exchange made a statement of a combined project with Singapore central bank to accomplish and resolve securities in digitized tokens through blockchain tech. On the other hand the HKSE one of the world’s sixth-largest exchange operator, is also revolving to the transformative technology for decreasing the expenses.
Recently the German stock exchange Deutsche Börse discovered its venture in the space by introducing a out-and-out blockchain as well as cryptocurrency department.
As per the news published in Cointelegraph,, Turkey has taken a brave step in establishing the first university-level blockchain centre in August and is trying to push themselves as one of the leading countries in the blockchain technology. They are even trying to achieve a national digital currency to enhance their position in the market. With adoption of blockchain in the database process, they are already at the forefront of welcoming the tomorrow.
