Australian Stock Exchange To Move To Blockchain

Australia’s main stock exchange is probably moving to blockchain – as the first global market to use the technology behind Bitcoin to clear and settle traders. According to the Australian Securities Exchange (ASX), the new technology is meant to replace the current clearing system that is based on blockchain.
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Being in development and testing for more than 2 years, the new blockchain-based trading aims to cut many significant costs of transactions, make things faster and more secure. According to the authorities, a timeline will be given by March.

As the CEO of the ASX said in an interview “Moving to a distributed ledger technology (blockchain) will put Australia in the forefront of innovation in the financial markets”.

In case you don’t know about it, blockchain is a method of recording data via a digital ledger that can consist of transactions, agreements, contracts or basically anything that needs to be recorded and verified as it happened. The big difference is that this ledger is not stored in one place – but distributed across several if not thousands of computers around the world.

The ASX has been actively working with the US-based blockchain startup named Digital Asset Holdings to make this a reality. As the CEO of Digital Asset Holdings said, “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,”.

At this point, people think that tens of millions of dollars could be saved by introducing blockchain to trading.
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The lower costs will be a key advantage for traders and investors. However, one of the most significant benefits will be the enhanced security and encryption .