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December 17, 2017, 04:54:11 PM |
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It’s not just Bitcoin making waves with its phenomenal price surges and futures contracts. Blockchain, which is actually the underlying technology for Bitcoin and other cryptocurrencies, has taken another step on its road to global adoption.
Australian Securities Exchange (ASX), the country’s main stock exchange, announced on Thursday that they will be using blockchain technology to process equity transactions.
This is a groundbreaking move, a sentiment echoed by ASX deputy chief executive, Peter Hiom:
“We're the first exchange to consider taking this step.”
Blockchain has become one of the major buzz words in range of industries, not just in crypto. This distributed ledger offers users a secure and cost-effective way to store records and transactions. These records cannot be changed or deleted.
Because of this, it is seen as a great tool for banks and financial institutions. However, it can be used in many different industries.
In the case of ASX, Digital Asset Holdings will provide the technology. The latter is a start-up run by Blythe Masters, a banker who previously worked for JPMorgan Chase & Co.
ASX has invested at least $14.9 million in the start-up. With additional investments from CME and JPMorgan, Digital Asset Holdings has raised more than $152 million.
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