Australian Stock Exchange - Australian Securities Exchange (ASX) officially announced the implementation of new technology-based solutions blockchain. It is highly probable that thanks to them the entire Australian stock market will become more efficient, transparent and above all safe.
Return to blockchain
Australian Securities Exchange has been looking for an effective solution for a long time to improve its billing system, focusing on on processes tokenizacjiAt the same time, it is one of the first Australian stock exchanges that turned to blockchain technology, which is much more efficient than traditional solutions.
The benefits blockchain can bring to ASX
As convincing DominicStevens, general director Australian Securities Exchange, blockchain can reduce the time of clearing and settlement.
In the case of the traditional method of their implementation, they may take up to one week. This is mainly due to the need to use multiple external verification systems.
While stokenizowane Resources can be billed within just a few hours because verification is not necessary. The new blockchain-based system will also support risk management and enable automation of many processes.
Security tokens they are able to provide the desired liquidity, opening investors completely new possibilities. However, these are not the only benefits. It is also necessary to mention intelligent contracts that allow the integration of individual processes and regulatory requirements directly in the protocol token.
Partnership with Digital Asset
To develop a new, effective billing system, ASX has partnered with an American company Digital asset.
She will be responsible for the design of the new blockchain platform and its operation. DA is a reputable provider of blockchain solutions, and it is worth adding that this is not the first time that its paths cross with AXS.
We would like to remind you that in 2019 the Australian Securities Exchange provided the company with USD 35 million in the C series financing round.
Testing the new platform as announced is expected to start in July this year, however, no detailed data on the implementation of the new system has yet been disclosed.