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Potential $23bn Opportunity revealed by the Australian Securities Exchange

The Australian Securities Exchange (ASX) has unveiled details for the implementation of blockchain technology within its systems. CEO Dominic Stevens outlined plans at ASX’s annual results of how the exchange could use distributed ledger technology (DLT) to bring security and efficiency to its users.

The introduction of the distributed ledger will replace the centralised CHESS system; removing reconciliation for buying and selling securities to deliver reliable, accurate more timely data. The potential savings from using this system come from the fees incurred for investment services, insurance, online services as well as more. The saving of $23bn was reported by financial information firm Rainmaker, that stated the average fee paid by a large investor is 1.2% of their asset. Smaller investors selling bitcoin may incur higher fees.

The paper suggests that to reduce costs, the exchange must have access to real-time data through a DLT with artificial intelligence (AI) incorporated into it to interpret the data. The AI will be able to look at trends and analyse the market for an investor to potentially cash out bitcoin.

Participants will connect by having a node linked to the ledger. The node will provide permissioned users with access to other trading information on the shared ledger but requires no cryptocurrency as a reward unlike when you sell bitcoin, there is a mining fee and reward for hashing the transactions together in a block.

Though ASX is looking to the future by implementing DLT into its systems to provide a better service and value, they are far from having a fully functional product for their users.

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