December 11, 2017

Australian Securities Exchange Plans to Implement Blockchain Technology

This week the Australian Securities Exchange will be replacing its existing technology with blockchain to clear and settle trades.

After years of testing, traders hope the new system in place will cut the costs of transactions, make them more secure, and make them significantly faster. Dominic Stevens, ASX Managing Director and CEO, Executive Director of BCom, said that the move to the "distributed ledger technology will put Australia at the forefront of innovation in financial markets."

What is Blockchain?

To keep it simple, Blockchain is a decentralized, digital, public ledger used to verify transactions for cryptocurrencies. Each transaction is a "block" and is added to the leger in chronological order. This technology is currently being used to monitor and verify any transactions made within digital currencies. "By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet," says the Block Geek team. According to the team, by storing blocks of identical information across its network, a blockchain cannot be controlled by any single entity and has no single point of failure.


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