Australian Securities Exchange Partners with VMware to Go Blockchain in 2021
Applying Blockchain to CHESS, the Australian Securities Exchange (ASX) will use blockchain for its registry, settlement and clearing system by 2021.
A recent press release shows a new agreement with the NYSE listed companies namely VMware and Digital Asset holding and the ASX for the replacement of the CHESS system by 2021. The three-party memorandum of understanding (MoU) with these companies will merge blockchain projects in Australasia and equally the coordination to restore the equities clearing and settlement.
Additionally, the MoU consists of supporting the open-source smart contract, especially the programming language called DAML (partially owned by the ASX).
In 2017, we saw the disclosure for the blockchain replacement of the CHESS system with clear efficiencies such as quicker transaction, decreasing costs and heightened security. The process has experienced delays in terms of implementation as it requires lengthy periods for user development and testing. The first implementation in early May 2017 exhibited the first code app on the new platform called the "Customer Development Environment."
The ASX deputy confirms the alignment of this new partnership with the company’s beliefs as well as its commitment to delivering the distributed ledger technology, on track to replace the CHESS replacement system.
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