Australia’s stock exchange is moving to a blockchain style system for trade settlements

Australia’s equity market the ASX has decided to replace its CHESS system to record changes in shareholding with distributed ledger technology found in blockchain. The global equities exchange community has been watching the ASX as it develops and tests a system to cut the cost of transactions, and make them faster and more secure. Blockchain uses computers with advanced encryption to keep track of transactions, giving confidence to both buyers and sellers. Transactions of the cryptocurrency Bitcoin are tracked used blockchain.

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