A new Hyperledger blockchain initiative is looking to stabilize the Chilean stock market and lure in overseas investors.

The Santiago Stock Exchange (STE), Central Securities Depository (DCV) and the Global Trade Directory (GTD) will form a blockchain association for this task, according to a BNamericas report, published August 27.

The so-called Technology Consortium will examine use cases for blockchain in the financial sector, specifically in improving communications for domestic and international investors in the Chilean stock exchange.

Within 18 months, the association looks to institute the Business Blockchain Network that will operate a collection of nodes. Reportedly this interconnectivity will “reduce applications, times, and costs of administrative processes.”

“Innovation is a strategic pillar for the Santiago Stock Exchange. Through this Consortium we seek to generate the best conditions for the stock and financial business, with innovative and world-class solutions,” said the general manager of the Santiago Stock Exchange, José Antonio Martínez.

Last year, the STE implemented the Linux Foundation’s Hyperledger framework to support short selling and other financial instruments. The Hyperledger network is marketed as an enterprise-focused, permissioned blockchain. In recent months, the International Swaps and Derivatives Association (ISDA) also began integrating parts of the software.

Over the next six months, the consortirum will begin defining and finalizing the project’s details with input from affected institutions. Production releases are expected at 6 month intervals thereafter.

Earlier this month, a leading Latin American banking provider partnered with cryptocurrency exchange Bitex to facilitate cross-border payments on the continent using the bitcoin blockchain.

Metropolitan Cathedral, Plaza de Armas (Main Square), Santiago de Chile via Shutterstock