The Australian securities exchange also known as the ASX is ready to switch it’s clearing system CHESS software to the more futuristic Blockchain platform in 2018. The ASX is the worlds first exchange to adopt the amazing new technology.
The main aim of this new system, is to make it faster for shareholding and more secure. It will also help with costs. ASX has been developing and testing the blockchain technology for the past two years, and these tests have proven worthy of a change.
The hope is, that the use of blockchain (which is also referred to as distributed ledger technology (DLT)) will help gain more confidence to sellers and buyers. With the advanced encryption to build faster, tamper-resistant register of ownership and transactions, you can see why Blockchain was picked.
ASX CEO Dominic Stevens said the company analysed the distributed technology for a couple of years.
“We believe that using DLT to replace CHESS will enable our customers to develop new services and reduce their costs, and it will put Australian at the forefront of innovation in financial markets.”
This is great news for Blockchain, and even better news for Australia who are going to be one of the first countries to adopt this brilliant new technology. How long will it be until we see more countries following suit?