The Securitize digital security compliance platform has joined the IBM Blockchain Accelerator program, Forbes reports on January 21st.
According to Forbes, Securitize's CEO, Carlos Domingo, stated that the company's goal is to build a debt issuance platform using blockchain technology. Domingo said:
"… we hope to modernize the $ 82 billion dollar corporate debt market – which is currently full of inefficiencies and high taxes – with blockchain technology."
The accelerator will presumably have a duration of three months and will end with a presentation and demonstration of the Securitize platform. The program includes a blockchain architecture workshop and consultations with IBM and external mentors. Domingo also stated that the company plans to integrate Hyperledger to design products and issue debt on a blockchain.
In November 2018, IBM and Columbia University announced two blockchain acceleration programs aimed at helping startups in cryptographic space. The programs form the Columbia-IBM Center for Blockchain and Data Transparency, a joint innovation center that was founded by the technology giant and the Ivy League school in the summer of 2018.
Blockchain technology has previously been suggested as a means by which financial organizations could fight "bad debt". In his book of 2016 Blockchain Revolution, Alex Tapscott noted that loan fraud is one of the main causes of "bad debts".
Tapscott has suggested that in the future where all borrowers will keep their personal IDs in a decentralized database, loan fraud will become a thing of the past.