The presentation of WizKey, a decentralised blockchain-based platform for credit digitisation, took place yesterday in Milan.
WizKey, by using the Ethereum blockchain, wants to eliminate the inefficiencies and frictions typical of the debt capital market.
Composed of an all-Italian team, the platform, thanks to blockchain technology, acts as a bridge between banks, companies and financial operators in the credit transfer transactions and issuance of financial products, reducing time and costs of management and negotiation of the operation and, above all, automating the back-office processes and eradicating the risk associated with the transfer of the asset.
The platform also allows creating digital assets starting from the related financial products and transforming them into tokens on the Ethereum blockchain.
In this way, they can be both controlled and transferred to any part of the world without any problems.
As stated in the WizKey Mission, the team aims to trade assets faster and increase liquidity in the following way:
“WizKey intends to create a secondary global and digital market for credit and structured finance products that allows banks, businesses and financial operators to trade their assets more quickly and easily, while increasing liquidity, thus generating new business opportunities in a global context”.
The platform was launched last April in beta version, with several months of testing and with the help of testers of a certain calibre, including banks, who were able to test with their own hands the effectiveness of the new solution, which has now matured to a level usable by all.
