The Australian stock exchange will put the system of calculations on blockchain

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The leading operator of the Australian stock exchange (ASX) plans to replace the existing settlement system CHESS new to be built on the basis of the blockchain.

Deputy chief Executive officer ASX Ltd Peter Chi (Peter Hiom) noted that this decision is not something revolutionary:

“We do not enter into the fourth dimension. You will do the same thing, but much more efficiently.”

Chi explained that the use of the blockchain is necessary to synchronize the data store of the customers. While the repository itself is a database that exists at the moment.

Improvement of the existing system using a distributed registry will help users to see data in ASX, and it will simplify the work of back office and increase efficiency. While Chi reiterated that the introduction of new technology in the ASX is not something revolutionary, it’s just modernization:

“This is the same database, but thanks to the blockchain, it will become a lot smarter,” said Peter Chi.

ASX has also enlisted a technology partner in the face of a startup Digital Asset, which is headed by the former head of the commodity markets division at JPMorgan Chase, Blythe masters (Blythe Masters). Digital Asset ASX will help to develop blockchain solutions to new system of calculations. In December last year, it was planned to provide a new system this year, but the date was extended until 2021.

It is worth Recalling that the Central Bank of Canada in cooperation with the national clearing house Payments and Canada exchange operator TMX Group as part of the research initiative Project Jasper moved on to the third stage of the experiments. During this phase they will undertake a proof-of-concept solutions for clearing and settlement for securities on the basis of already created payment blockchain platform.

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