Economy

The ASX Will Go Head With Blockchain Technology

The ASX Will Go Head With Blockchain Technology

Australia's primary securities exchange, ASX, has announced its intention to replace its clearing and settlement system, CHESS, with distributed ledger technology (DLT or blockchain) developed by its technology partner Digital Asset (DA).

Stevens said the ASX has been examining DLT for nearly two-and-a-half years, including the last two years with Digital Asset in order to understand its potential application, and has used independent third-party security to review the new technology.

The ASX has been working with the US-based blockchain start-up Digital Asset Holdings to develop the new system since January 2016.

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Australia's main stock exchange has said it will become the first global market to use the technology behind bitcoin to clear and settle trades. It will also give ASX's customers choice as to how they use ASX's post-trade services.

Founded in 2014, Digital Asset has raised more than US$115 million from large firms including ASX, Goldman Sachs Group Inc, JPMorgan Chase & Co, CME Group Inc, Deutsche Boerse and Citigroup.

Today the company said using distributed ledger technology for CHESS would make it easier for customers to develop new services and lower their costs.

US House Democrat: Prince Must Reveal More Details to Intelligence Committee
Prince again denied that he was acting as a surrogate of the Trump campaign when he met with Dmitriev in the Seychelles. Prince said Bannon vouched for MBZ during the conversation, calling him "a great guy".

ASX has revealed that it will now work with stakeholders on finalising the scope of Day 1 functionality for the new system, drawing on its extensive consultation that will continue in 2018.

"After so much hype surrounding distributed ledger technology, today's announcement delivers the first meaningful proof that the technology can live up to its potential".

The transition is expected to start next year, with the timing to be decided around the end of March.

DLT brings tremendous value and will provide a standardised structure to synchronise the different systems or databases participants use, as well as instantly eliminate reconciliation issues, he said, adding blockchain technology is not as a bigger risk others may perceive it as.

Gartner has highlighted that curiosity is keeping the sector aware of the technology, but risk aversion is stopping it from being an investment priority.

With the emergence of blockchain potentially requiring the government to find other means of tracing the income and assets of organisations and individuals, a House of Representatives committee has toyed with the idea of the ATO heading down the distributed ledger path.


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