Australian Stock Exchange Moving To Blockchain
Australia’s main stock exchange announced about becoming the first global market to support the technology behind bitcoin, aiming to clear and regulate trades.
The Australian Securities Exchange (ASX) will replace its current clearing system with blockchain technology.
This new system aims to reduce the cost of transactions, making them faster and safer. And for that goal, it has been tested for more than two years.
The time for starting this project will be appointed on March.
Dominic Stevens, the chief executive of Australian Stock Exchange, explained that realizing distributed ledger technology will take Australia to the leading position in financial markets.
Blockchain is a method of recording data via a digital ledger of transactions, agreements, contracts or anything that needs to be independently recorded and verified as having happened.
This ledger has a unique difference – it isn’t stored in one place, but distributed across hundreds or even thousands of computers around the world.
The Australian Exchange started making measures to develop the new system with U.S. based Digital Asset Holdings since January 2016.
“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,” chief executive of Digital Asset Holdings Blythe Masters said.