Australia’s main stock exchange has said it will delete the first global market in the technology behind Bitcoin and trades.
The Australian Securities Exchange (ASX) to replace its current clearing system with a blockchain technology.
The new system has been in development and testing for more than two years and is aimed at reducing the cost of transactions and make you faster and safer.
A timetable for the transition to the technology of March.
ASX chief executive Dominic Stevens said of the movement, distributed ledger technology is also known as a blockchain – “put Australia at the forefront of innovation in financial markets”.
Blockchain is a method for recording data on a digital financial accounting of transactions, agreements, contracts, or anything that needs to be independently collected and verified, how that happened.
The big difference is that the main is not stored in a location, it is distributed to several, hundreds, or even thousands of computers all over the world.
What the blockchain is and how it works?
As the blockchain, the kind of could change how we do business
The ASX has had to develop with the U.S. blockchain start-up-Digital-Asset-holdings to the new system since January 2016.
“After so much hype about distributed ledger technology, today’s announcement provides the first conclusive proof that the technology can live up to its potential,” the chief executive of Digital Asset Holdings, Blythe Masters, said.
Michael McCarthy, chief market strategist at CMC Markets in Sydney, estimated that tens of millions of dollars could be saved by the introduction of the new technology.
He added that lower costs would be a crucial advantage for traders and investors, the mean in the long term, would it be less staff in payroll. Security and encryption
While the blockchain technology is considered to be unbreakable, the risks were highlighted after the Bitcoin mining market NiceHash lost at least $60m this week when it was hacked.
NiceHash matches those with spare money mountain people share computing power with crypto want to create a new virtual coins.
However, it has operations suspended for 24 hours while it investigated the hack.
Mr McCarthy said the success of the ASX system “will rely on the fact that the to be encrypted, in order to completely safe, but if it can be hacked, it’s game over for the blockchain”.