The Australian Stock Exchange just confirmed what many believed could be a hot topic in the future of blockchain in the country. According to a recent report by Bloomberg which is in the latest blockchain news today, the blockchain settlements are coming to Australia in 2021.
The Australian Stock Exchange (ASX) has subscribed to the Clearing House Electronic Subregister System (CHESS) over the years but is now looking forward to replacing it with a more novel and innovative blockchain – as well as one that adopts a digitized, decentralized and distributed technology.
This massive overhaul is one part of the upgrade that the ASX has planned – and which the deputy chief executive officer Peter Hiom described as revolutionary in order to deviate from the norm.
CHESS is right now still used to facilitate the legal ownership from sellers to buyers, as well as to process monetary transactions involving the two parties. The innovation has yielded great efficiency over the years.
In a recent interview, Hiom said:
“We’re not entering the fourth dimension here. It’s a database that lets you do a bunch of things more efficiently than you can do at the moment.”
The application of blockchain will provide the required backup ensuring that every bit of data is kept up to date and synchronized in such a way that removes any inconsistency. When asked about this, Hiom stated:
“There is a blockchain that is synchronizing my data store with yours, but the data store itself is a database that exists today. The innovation is the decentralized ledger that lets a client see ASX’s data. It’s taken an awful lot of risk and cost out of your back office because it is never the case that what you’ve got doesn’t match what I’ve got.”
Even though the officials at ASX are not making a lot of fuss regarding this recent blockchain upgrade, there is a big number of other organizations who see this development as a pretty big deal. ASX, on the other hand, sees it as an improvement – but not necessarily a feat.
“It’s a very clever architecture, but it is just a database architecture. It doesn’t sound very sexy when you say it that way, but that’s kind of what it is,” Hiom concluded.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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