ASX Debuts Blockchain-Based Infrastructure Replacement Tool

By Kapil Gauhar

The Australian Securities Exchange (ASX) has recently released the first code for its infrastructure app development tool based on blockchain, the company confirmed through a press release today.

The new platform, dubbed as the Customer Development Environment (CDE), builds on the previous offering of the exchange, that will now be retired.

The first features, that hinge on distributed-ledger technology (DLT), commenced a rollout at the end of April with Australian Securities Exchange drip-feeding more to users in the intervals of roughly two-month before the platform is completely live next year.

The scheme is a joint partnership with the United States-based DLT firm, Digital Asset Holdings, formerly chaired by Blythe Masters.

Peter Hiom, the Deputy CEO of ASX, commented in the press release –

“We know our progress is being watched internationally and is an important bellwether for the technology’s adoption.”

He continued –

“It represents the first time market participants anywhere in the world can experience the benefits of ‘taking a node’ and establishing direct connectivity to a golden source record of real-time data via distributed ledger technology.”

Developed in the 1990s, Chess forms the critical infrastructure for the Australian Securities Exchange, which uses it to manage operations like asset registration, clearing and settlement.

In addition to Distributed Ledger Technology, the new Customer Development Environment will also make use of smart contracts through DAML, which is an open source language developed by Digital Asset.

Yuval Rooz, the New Chief Executive of Digital Asset, added –

“With the delivery of the CDE, ASX customers get their first glimpse of what the new CHESS system can provide.”

The original plan was to launch CDE in 2018, with ASX choosing a delay for conducting further testing.