Australian Stock Exchange – the world’s first to implement Blockchain

0
337

The Australian Stock Exchange made an announcement today that it is planning to implement the Blockchain technology in order to replace its current system for processing equity transactions. In partnership with Digital Asset, ASX will be the world’s first stock exchange to implement Blockchain technology in its core services.

The current clearing and settling system, CHESS (Clearing House Electronic Subregister System) would be replaced by a different version of it based on Blockchain. The distributed nature of the Blockchain technology would be an upgrade on the platform in terms of transaction speed and transaction security, making it faster and more secure.

The ASX came to this decision in partnership with Digital Asset, a consulting company that helps financial institutions adopt distributed ledger technology.

It was revealed that the Australian exchange has been researching the DLT for the last couple of years and has been thoroughly testing it, including two independent third party security reviews of Digital Asset’s solutions. The transition to the new Blockchain system is expected to happen at the end of March 2018.

This is a significant milestone when it comes to adoption of Blockchain and this move puts Australia in the lead in the traditional financial sector’s race to understand, experiment with and implement distributed ledger technology.

Digital Asset CEO, Blythe Masters, stated that:

“Together, DA and our client ASX have shown that the technology not only works, but can meet the requirements of mission critical financial infrastructure.”

A few other exchange platforms have taken steps towards adopting the Blockchain technology, including NASDAQ, the Italian Stock Exchange and the Japan Exchange Group.

 

Throw Coins!

LEAVE A REPLY

Please enter your comment!
Please enter your name here