Australian Securities Exchange Confirms It’ll Go Blockchain in 2021

Published at: Aug. 26, 2019

The Australian Securities Exchange (ASX) has made new partners to apply blockchain to its registry, settlement and clearing systems (CHESS) in 2021.

VMware and Digital Asset step in

The ASX confirmed its anticipation of delivering the CHESS replacement system by 2021, following a new agreement with NYSE-listed tech firm VMware and Digital Asset Holding (DA), according to a press release published on Aug. 26.

According to the report, the ASX has signed a three-party memorandum of understanding (MoU) with the firms to collaborate on blockchain projects in Australia and New Zealand as well as to jointly develop the application to replace its equities clearing and settlement system.

The MoU also includes the support of the open-source smart contract programming language called DAML. Developed by DA, a firm partly-owned by the ASX, DAML is used to build distributed applications.

Two years in development

ASX’s plans for replacing the CHESS with blockchain were first revealed in 2017 in order to boost the CHESS with major blockchain-powered efficiencies such as faster transactions, improved security and reduced costs.

The exchange initially planned to deliver the system by 2020 but faced a six-month delay as blockchain implementation required more time to user development and testing.

Peter Hiom, ASX Deputy CEO, said that the new partnership confirms the company’s belief in the potential of distributed ledger technology as they remain on track to deliver the CHESS replacement system in March-April 2021.

As reported, the ASX launched the first implementation for its blockchain-based replacement app development tool in early May 2017. The exchange then released the first code for the app on the new platform called the Customer Development Environment, based on exchange’s existing offering CHESS.

Tags
Blockchain
Australia
New Zealand
Related Posts
IBM Blockchain Head: DLT Is Transforming Global Supply Chains
In an interview with Cointelegraph, Rupert Colchester, the head of blockchain at IBM Australia and New Zealand, discussed how distributed ledger technology is transforming supply chain systems worldwide. Colchester also provided insight into some of IBM’s current blockchain initiatives and the state of the industry in Australia, and he shared his excitement for the emerging era of digitization that DLT is driving. Cointelegraph: What is the state of blockchain adoption within Australia at present? Is Australia behind or ahead of the curve regarding DLT? Rupert Colchester: I think Australia's progress on DLT as a technology over the past two years …
Blockchain / May 9, 2020
New Zealand’s ASB Bank Owns 21% in TradeWindow Following $1.7M Round
New Zealand’s ASB Bank, owned by Commonwealth Bank of Australia, has participated in a new $1.7 million funding round by blockchain startup TradeWindow. The startup provides a software-as-a-service supply chain solution to create a “single trading window” accessible by all parties involved in the transaction from the importer to the exporter. ASB Bank is now the second-biggest shareholder after TradeWindow CEO, owns 21% Following the seed round, ASB Bank now owns a 21% stake in the company and is the second-largest shareholder after TradeWindow’s founder and CEO AJ Smith, The New Zealand Herald reports Dec. 16. According to an announcement …
Blockchain / Dec. 16, 2019
South Korean Gov’t Announces Second Study Group for Blockchain Regulations
The South Korean Ministry of Science and ICT is going to run a follow-up study on blockchain regulations, according to a Yonhap News report on May 21. The study is called the “Blockchain Regulation Improvement Study Group” and is part of an initiative run by the government’s science and tech arm to figure out how regulations could be improved so that blockchain tech could achieve widespread institutional adoption. The Blockchain Regulation Improvement Study Group was launched in June of last year, and initially focused on improving legal regulations pertaining to blockchain tech such as personal privacy, smart contracts, electronic documents …
Blockchain / May 22, 2019
Australian payments giant Eftpos becomes Hedera node operator
Australia’s top national debit infrastructure operator, Efptos, has been announced as the newest member of the Hedera Governing Council. Alongside becoming the 17th council member, Eftpos will also become Hedera’s first network node operator in Australia. Other council members include Google, IBM, Boeing and Deutsche Telekom. While electronic funds transfers at point of sale, or EFTPOS, is a type of payments technology used around the world, it's also the brand of a specific system used for such payments in Australia and New Zealand. Eftpos's CEO, Stephen Benton, described its increasing engagement with Hedera as a core component of its digital …
Blockchain / Jan. 27, 2021
Australian Securities Exchange Debuts Infrastructure Replacement as Blockchain Switch Begins
The Australian Securities Exchange (ASX) has released the first code for its replacement app development tool based on blockchain, the company confirmed in a press release on May 7. The new platform, dubbed the Customer Development Environment (CDE), builds on the exchange’s previous offering, Chess, which will now be retired. The initial features, which hinge on distributed-ledger technology (DLT), began a rollout at the end of April, with ASX drip-feeding more to users in roughly two-month intervals before the platform is fully live next year. The scheme is a joint partnership with Digital Asset Holdings, the United States-based DLT firm …
Blockchain / May 7, 2019