Blockchain down under, as Australia becomes first global market to adopt it for stock exchange
The main stock exchange in Australia has announced it will replace its current clearing system with a blockchain (or distributed ledger technology) system.
The decision will mean that Australia becomes the global market to adopt the technology, in order to record shareholdings and manage the clearing and settlement of equity transactions in Australia.
The Aussie decision comes after seven major European banks (Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit) announced in the summer that they will built a Digital Trade Chain platform on IBM Blockchain.
Blockchain of course is a digital technology for recording and verifying transactions.
Until recently, it has mostly associated as a global online ledger that underpins the bitcoin digital currency.