Australian Securities Exchange Will Use Blockchain

 

The main advantages of using blockchain in the financial industry are lowering of costs, reduction of confirmation time and, the trustless nature of the technology.

Blockchain is an excellent technology to remove a lot of administrative costs, were before a lot of centralization and trust was needed.This is why the Australian Stock Exchange (ASE) is trying to replace its  Clearing House Electronic Subregister System (CHESS) with a better platform.

ASX selected Digital Assets (a blockchain company in which ASX has acquired a 5% equity interest) to develop a blockchain solution that will simplify and speed up post-trade processing.

The trial has been running for about 20 months and ASX will probably switch to a blockchain platform in the near future.

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