Sydney Stock Exchange has recently announced that it will be implementing blockchain technology for its equities market settlement and registration system. The new system will be developed and implemented in collaboration with Bit Trade Labs, a blockchain and distributed ledger based solutions company.
Expected to go live by early 2018, the latest development was announced at the Practical Blockchains forum, operated jointly by Sydney Stock Exchange, Bit Trade Labs and the Australian Digital Currency Commerce Association. The solution developed jointly by Bit Trade Labs and Sydney Stock Exchange will be initially deployed internally before it is made available to other markets as well.
In a release, Ron Tucker – the CEO of Bit Trade Labs is quoted saying, “We are very excited to be at the forefront of distributed ledger innovation for the financial service markets. With Bit Trade’s world leading Blockchain development resources, and the stock exchange’s trading and settlements expertise, we’re together ensuring Australia continues to drive a leadership role in the global adoption of this innovative new financial technology right now.” The Blockchain technology is increasingly becoming ubiquitous. Apart from its usage as a distributed ledger keeping track of all the transactions happening over the Bitcoin network, it is making inroads into the conventional financial system. The increased interest towards blockchain is mainly because of what it has achieved during its existence over the past 8 years. Its property to act as an immutable database that can store information permanently has been instrumental in its rise to fame. At the same time, the decentralized nature of the blockchain makes it impossible for the records to be lost even if one of the systems containing a copy of the entire blockchain fails. In the case of such failure, there are other nodes spread across the network containing the entire […]
