With all the information currently available about distributed ledger technology, it’s not surprising that there are a few more traditional firms who are slowly entering the sector. Even though they aren’t all considering virtual currencies, many of them, like the Australian Securities Exchange (ASX), are making specific moves in the blockchain direction. According to the firm, it will be teaming up with a fintech company, Digital Asset, as well as VMWare, to initiate and move its business from its current platform, to distributed ledger technology. Nothing has been said about cryptocurrency, probably because of related scams.
It has been announced that both ASX and Digital Asset have already signed a memorandum of understanding (MoU), detailing the process. When the move is over, the current Clearing House Electronic Subregister System (CHESS) being used by ASX would be relegated for DLT.
The plan is for the new system to be ready latest by 2021, meaning that the firms have about two years to complete the process. Already, thirty percent of the new DLT system is available and will soon be deployed in place of the old system. The move will be facilitated by DAML, an open-source blockchain language by Digital Asset
Peter Hiom, deputy CEO of ASX, has highlighted this, adding that the use of DLT will be great for expanding the firm and its functions. Hiom said:
“This new partnership is a very positive development that will help us support a wider range of DLT solutions developed by the industry. It confirms our belief in the potential of DLT as we remain on track to deliver the CHESS replacement system in March-April 2021.”
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