ASX blockchain platform is coming in mid-2020. Australian Securities Exchange (ASX) is planning to launch a new blockchain platform that will leave competitors like IBM and Microsoft behind. ASX is the premier Australian securities exchange that will create a ‘Distributed Ledger Technology’ platform sometime around mid-2020.
The new platform will be a replacement for the exchange’s old ‘Clearing House Electronic Subregister System,’ famously called ‘CHESS.’ ASX ambitions are lofty but will be inspirational for other bourses as well.
ASX blockchain platform will change Australian stock trading
ASX blockchain platform can certainly stir competition in the market where DLT players are already highly active. Giants like Microsoft and IBM will take notice for sure. This feat by ASX will significantly increase the brand’s market value and turn it into a formidable blockchain player.
Cliff Richards of ASX commented that the stock exchange is not only entering the blockchain realm but also directly challenging the industry’ behemoths who provide blockchain as a service. Still, ASX is confident that its latest offering will be better than the current offerings and also have a competitive advantage over the competition.
Multipurpose use for upcoming ASX blockchain platform
The Australian exchange has announced that its new platform will be open to third parties to develop and host their applications. Currently, around thirty-one (31) parties are part of the platform’s development and the testing phase will begin soon. However, the exchange has also commented that in case the blockchain platform fails to deliver any results, the primary functions of the exchange won’t be affected in any way.
ASX faces criticism at home
Being the dominant stock exchange player in the country with monopolistic influence, the exchange has been criticized over the development of this blockchain platform. However, the exchange has clarified that they are open to a healthy competition if someone wishes to launch a better product.
ASX is solely responsible for the clearing and settlement services related to the Australian stock market. Naturally, ASX will have to take the lead in developing such next-gen solutions.
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