The Australian Stock Exchange (ASX) is going to fully transfer the existing CHESS settlement system to a system based on the blockchain technology. According to the chief executive officer of the exchange, Peter Hyome, there is nothing extraordinary in this decision, it is a natural process of introducing new, more convenient and well-thought-out technologies.
We do not enter the fourth dimension. You will do the same things, but much more effectively.
First of all, the blockchain technology will provide fast synchronization of the already existing customer database. This decision will allow the users of the exchange to see its data, and this, in turn, will simplify the work of the back-office and increase the overall efficiency.
In this ASX endeavor, the Digital Asset startup will act as a technical partner. It is worth noting that this Interestingly, Digital Asset is currently headed by Blythe Mastes, the former director of the JPMorgan Chase Commodity Markets Division. Of course, her experience will help to create a truly high-quality and well-thought-out product that will significantly improve the quality of services provided by the exchange.