Australian Stock Exchange will be the first to adopt the Blockchain Technology
December 8, 2017 7:25 am
Another good news for blockchain enthusiasts got announced today by the Australian Stock Exchange a.k.a. ASX that ASX will become the first to implement blockchain technology replacing the current system for processing equity transactions. The ASX in collaboration with the Digital Asset, who are bringing the innovation, will be the world’s first stock exchange to welcome Blockchain technology in the operation of its key services.
The firm is executing the Blockchain Technology to replace its current space and settling the system, CHESS a.k.a Clearing House Electronic Subregister System. The distributed nature of Blockchain is an update, as it gives a chance to transact faster and all the more safely, reducing the amount around the world.
The ASX decided to collaborate with the Digital Asset, a consulting company which helps the financial institutions adopt distributed ledger technology.
The ASX has spent the past two years for researching and testing distributed ledger technology, which added two independent third party security reviews of the Digital Assets’ solutions. ASX wanted to move to the new system at the end of March 2018.
The transition will mark a specific moment for the Blockchain tech adoption, by placing Australia on the top of the traditional financial sector’s race to understand, experiment it and adopt in distributed ledger technology.
“Together, DA and our client ASX have shown that the technology not only works but can meet the requirements of mission-critical financial infrastructure.”