RATE Group | ASX Details $23B Opportunity Behind Upgrade To Tech Inspired By Bitcoin
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ASX Details $23B Opportunity Behind Upgrade To Tech Inspired By Bitcoin

16 Aug ASX Details $23B Opportunity Behind Upgrade To Tech Inspired By Bitcoin

Posted at 07:19h in Bitcoin News by

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AUSTRALIAN SERCURITIES EXCHANGE

AUSTRALIAN SERCURITIES EXCHANGEBLOOMBERG NEWS

The Australian Securities Exchange (ASX) has finally revealed a detailed business rationale for one of the largest implementations of technology inspired by bitcoin.

Speaking during the presentation of ASX’s annual results, CEO Dominic Stevens meticulously outlined how the sixteenth largest exchange in the world plans to use distributed ledger technology (DLT) to bring new efficiencies to its users.

Instead of using the current centralized CHESS system for sending messages about buying and selling securities, ASX is implementing a decentralized, shared ledger similar to bitcoin’s blockchain and developed by former J.P. Morgan executive Blythe Masters.

At the core of the value proposition behind the move is what Stevens described as $23 billion in savings from fees currently paid by Australian firms for investment services, including insurance, online services and more.

But in a nod to the current middlemen providing Australian firms with the…

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