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Joint clients advised on blockchain platform development
King & Wood Mallesons has advised its joint clients Scentre Group, Australia and New Zealand Banking Group, Westpac Banking Corporation, the Commonwealth Bank of Australia and IBM on the launch of a new digital platform.
Emma Musgrave
Source: kwm.com/en/au/people/scott-farrell
Firm: King & Wood Mallesons (Scentre Group, Australia and New Zealand Banking Group, Westpac Banking Corporation, the Commonwealth Bank of Australia and IBM)
Value: Undisclosed
Area: Technology
Key players: The KWM team acting as counsel to the joint project was led by partners Scott Farrell and Annabel Griffin.
Deal significance: Lygon will be tested in an eight-week live pilot that will involve a group of retail property leasing customers that use bank guarantees to secure a lease over a retail tenancy, according to a statement from KWM.
“Using blockchain technology to issue a bank guarantee enables the transition from paper to digital and significantly reduces the risk of fraud for the parties involved and decreases the margin for error,” the firm said.
“Bringing this project to market through a joint project between leading market participants represents the next step in the maturity of sophisticated blockchain solutions and their viability for the modern customer.”
Commenting further on the launch, KWM partner Scott Farrell said: “The Lygon project shows how blockchain technology can be used to increase the transparency of transactions while improving security and maintaining privacy for those involved.
“We are delighted to have had the opportunity to advise these important organisations to bring this significant project to fruition together and look forward to the success of the pilot.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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