The ASX is replacing its CHESS share clearing system with blockchain technology

The ASX is replacing its CHESS share clearing system with blockchain technology

The Australian Securities Exchange (ASX), will move the settlement and clearing of the $2 trillion Australian cash equities market onto blockchain-inspired technology being developed by a NY start-up.

Stevens said the ASX has been examining DLT for nearly two-and-a-half years, including the last two years with Digital Asset in order to understand its potential application, and has used independent third-party security to review the new technology.

The ASX is now a blockchain stock, of sorts, as it swaps its software over to distributed ledger technology.

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It was world leading technology in the 1990s.

The long-awaited decision follows more than a year of consultation with the market.

The ASX said previously that the new CHESS trading platform will provide 24-hour OTC clearing and OTC client clearing enhancements that it expects will provide "contemporary" technology and additional functionality. "Together, we look forward to continuing to work with the industry as we finalise the requirements and the roadmap for implementation of the new system".

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That's why the ASX has been testing distributed ledger technology for the last two years.

ASX managing director and chief executive Dominic Stevens told this morning's briefing that participants will be able to connect in a similar way they do now, with the option to use a new messaging system or directly interact with the distributed ledger.

The ASX announced in June 2016 that it was building a new post-trade solution using blockchain technology, asking for market feedback.

Day 1 transition is scheduled for late March in 2018.

"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. Proponents tout it as a more efficient and less expensive way to track trades.

The trial saw ANZ and Westpac, in partnership with IBM and shopping centre operator Scentre Group, digitise the bank guarantee process used for commercial property leasing using the blockchain.

This comprehensive guide covers everything you need to know about the innovative blockchain technology that powers Bitcoin, Litecoin, and other cryptocurrencies.

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