Before getting into a distributed ledger system, Australian Securities Exchange (ASX) wants to build a powerful grip by reviewing the technology “in particular the cryptographic features of the platform.”
Throwing light on the review of the exchange’s financial results for the fiscal year 2017, Hiom clarified an unnamed third party would be exercised in order to conclude if blockchain technology is ready for one of the largest exchanges in the world.
The Australian Securities Exchange (ASX) self-imposed December as a deadline for the decision. The decision was over whether it’s going to become the first global stock exchange with a distributed ledger settlement system, or will pursue a more traditional upgrade.
An hour ago, a proper briefing was made by analyst and media over the statement, revealing the decision is still on schedule, considerations remain.
Hiom and ASX CEO Dominic Stevens, both are looking into the matter and the outcomes are “satisfactory”, addressing Hiom’s last night statement.
If ASX does choose Digital Asset’s technology, a scope for the new system is expected to be available for “market consultation” by March of next year – but that is far from guaranteed.
Stevens even concluded
“The more we investigate, the more we see potential for the technology across a wide range of applications, but before adding the technology looks “promising”, We would move to what we would call a more classic answer of software providers that can provide services that could provide clearing.”
Among the desired features listed by Hiom and ASX CEO Dominic Stevens are reduced costs, as well as the creation of new, more easily replicable products, some of which appear to be largely contingent on data created by moving transactions to a shared, distributed ledger.
ASX first began working with portfolio firm Digital Asset Holdings to see if it’s distributed ledger platform could meet the exchange’s equities settlement demands. It’s since January 2016, a new update has been made over the thought.
Source : coindesk