Using technology from big bank-backed Lygon, law firm Piper Alderman has executed a payment guarantee using blockchain.
Australian law firm Piper Alderman has executed a blockchain-based payment guarantee in a commercial contract. The guarantee was performed using the Lygon platform. After joining forces in July 2019 to progress work on a blockchain-based bank guarantee platform, ANZ bank, the Commonwealth Bank of Australia (CBA), and Westpac announced, alongside IBM and shopping centre company Scentre Group, the formation of Lygon. In February, Lygon announced minting the industry’s first standardised digital bank guarantee. Since then, the company touted its platform has «rapidly expanded its reach and services to other sectors in Australia to meet the demand for our platform». Read also: Blockchain: A cheat sheet (TechRepublic) With Piper Alderman, Lygon claims to have executed the first payment guarantee to be used commercially in the legal services industry.
