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Cryptocurrencies

Australian stock exchange to apply blockchain tech to clearing system

Thursday 7 December 2017 | 10:13 AM CET

The Australian Securities Exchange (ASX) has announced plans to become the first global market to use blockchain technology to clear and settle trades.

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. The ASX has been working with the US-based blockchain startup Digital Asset Holdings to develop the new system since January 2016.

The new system has been in development and testing for more than two years and aims to cut the cost of transactions, and make them faster and more secure. A timeline for the transition to the technology will be given by March 2018.

The success of the ASX system will rely on it being encrypted to be fully secure, however if it can be hacked, “it’s game over for blockchain”, exchange representatives said for BBC.

More: Link
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