ASX Sticks With Blockchain

There is a lot of hype around the integration of blockchain technology into various existing projects. It’s true that one could benefit from such upgrade, but there are some downsides too.

For example, some problems are only to be solved. So it doesn’t come as a surprise when the decision of Australian Securities Exchange (ASX) to update its infrastructure in favor of blockchain becomes a cause for criticism.

The main line for critics is that implementation of blockchain is inessential and it would only cause unnecessary expenses. Also, there is an opinion that most customers would prefer if ASX switched their outdated clearing system to a standard industry protocol.

On the other hand, Dominic Stevens, chief executive of ASX, says that using cutting-edge blockchain technology could bring an opportunity to grow its business.

“We are going through a transformation in technology. The other challenge [is about being] able to engage with our customers better, so they hold ASX’s services in high regard,” he told FT.com.

ASX is working on the new software with Digital Asset Holding. They expect to decide whether to go with blockchain at the end of the financial year that ends June 2018.

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