Australian Securities Exchange (ASX) will replace its clearing system with blockchain technology.

New system has been developed and tested for more than 2 years and aims at reducing the costs of transactions. As a result, transactions will be faster and safer.

ASX will give a timeline for the transition to the technology by March 2018.

ASX CEO  Dominic Stevens said, that transition to blockchain technology will put Australia at the forefront of innovation in financial markets.

Blockchain is a digital ledger used to record transactions, agreements, contracts, everything which needs to be saved in history. The system’s peculiarity is that ledger isn't stored at one place, its distributed across hundreds and even thousands of computers all over the world.

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