Turkey's Borsa Istanbul Stock Exchange (BIST) has developed a blockchain-based system for healthy information flow between financial institutions, it announced yesterday.

"With the blockchain-based project, which was prepared by Borsa Istanbul IT team, information in the customer database of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey's (MKK) has been synchronized," the Borsa Istanbul said in a statement.

Within the scope of the project, which was designed under the Know Your Customer (KYC) concept, addition of new customers, editing of information and management of documents will be carried out on the blockchain network, the statement read.

"In this way, possible mistakes in the information input into the database will be avoided [...]," it added. BIST said the application's security substructure is based on the blockchain and its technical substructure enables the system to carry out a large number of operations. "If required, the application can be used in other projects too," it added.