How Australian Top Exchange Will Benefit From Blockchain Technology
The blockchain is expected to generate millions of dollars once the current Australian Clearing House Electronic Subregister System (CHESS) moves to the technology.
The projection is according to the Australian Securities Exchange
At the moment, top investors part with about 1.2% of their assets on clearing and settlement services. However, the platform’s costs stand at $23 billion on a yearly basis.
ASX boss Dominic Srevens notes that new service will be launched in the market by the entrance of the new technology. The platform will be able to provide effective and instant market information.
Srevens said that instant information will eliminate the role played by ASX consultants. The blockchain technology will make it easier for investors since information will be available in one pool.
With the blockchain network, costs and risks will be reduced greatly. Expenses are incurred on the maintenance part for many databases supporting the system. The secure systems will enable users to obtain data that they are only entitled to. At the moment ASX is still looking for a source of information to be given to investors enabling innovations for customers.
Currently, CHESS has numerous versions in an application with different languages based on multiple databases. On the other hand, ASX’s ledger system will deploy a standard modelling language for Ethereum-like smart contracts. It will be anchored on a harmonized database.
ASX has been working on the blockchain technology for the last three years.
Upon completion, the platform will the first blockchain application in a major financial system. The replacement will be carried out in collaboration with Digital Asset Holdings from New York.