The company ASX Ltd, a leading Australian stock exchange operator, announced plans for a transition in 2021 for a new one, based on blockchain technology system calculations.
Management Australian stock exchange (ASX) company in the framework of the modernization will replace the existing settlement system CHESS. Deputy chief Executive officer ASX Ltd Peter Chi (Peter Hiom) said that he did not see in the new version, nothing radical:
“WE’RE NOT HERE ENTER INTO THE FOURTH DIMENSION. THIS IS A DATABASE ARCHITECTURE THAT ALLOWS YOU TO DO A LOT OF THINGS MUCH BETTER THAN YOU CAN AT THE MOMENT”.
Blockchain sinhroniziruete storage of user data, said Chi. But the repository itself is a database which exists today, he added.
Innovation blockchain system that thanks to the remote registry of the client will be able to see the data the ASX, which will simplify the work of back office and increase efficiency, said Chi.
The introduction of new technology in the ASX are considered as upgrades and I don’t see anything revolutionary.
“IT’S THOUGH VERY CLEVER, BUT JUST A DATABASE ARCHITECTURE. IT DOESN’T SOUND SEXY WHEN YOU SAY THAT, BUT IT IS WHAT IT IS” — SAID PETER CHI.
ASX technology partner in the development of blockchain solutions for payments is a startup Digital Asset, which is headed by the former head of the division of global commodity markets at JPMorgan Chase , Blythe masters (Blythe Masters). Earlier it was planned that the new system, the exchange will pass this year.
Recall that the Bank of Canada, national clearing house Payments and Canada exchange operator TMX Group will implement the third stage of the project Jasper. During this phase of the research initiatives they are pursuing a proof-of-concept solutions for clearing and settlement for securities on the basis of already created payment blockchain platform.