ASX market projection for the future seems very promising as the leading stock exchange operator is making way for rolling out blockchain based settlements in the upcoming years. The existing system of the operator will be replaced by future technology. The official announcement came out recently updating that this new version update isn’t a different approach rather a process of the update for an outdated CHESS system. The entire process will be completed by the year 2021 and henceforth all the settlements will be done through a blockchain powered platform.
Blockchain technology is nothing but a form of distributed ledger technology. The Sydney-based operator is set to be making industry’s biggest bets on this technology by tapping a start-up firm run by former banker Blythe Masters of JPMorgan Chase & Co. named as Digital Asset Holdings LLC. This firm was undertaken to change its settlements structure and equities clearing methods.
Several banks and trading operator have foreseen blockchain as an enhanced method to abridge issues related to stock issuance. However, there are some companies that are inaudibly dropping blockchain projects. But ASX market doesn’t seem to get affected by this and continues to explore the potential of distributed ledger technology to be leveraged in the best possible way.
Peter Hiom, the ASX Deputy Chief Executive Officer, stated that this not a new fourth dimension but an upgrade for the current aging CHESS system. In addition to this, he also mentioned that this is a kind of database architecture which enables the user to perform multiple things quite efficiently. He termed this as a clever database architecture as mentioned by Bloomberg.
New System Advantages
The innovative nature of blockchain technology will bring in the decentralized ledger to make the data of ASX visible to the client in the defined network. The benefits of the new system would make an overall improvement in the work efficiency and operations of the ASX market value. (Via Coinspeaker)
The post ASX Market Gearing Up To Roll Out Blockchain Technology Settlements By 2021 appeared first on OWLT Market.
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