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Blockchain technology is being used in many different fields, and one of the most benefited is the financial world. In the past, the Australian Securities Exchange (ASX) started to work with blockchain technology to improve its services and products. Now, the Hong Kong Exchanges and Clearing Market (HKEX) will start to collaborate with the ASX to use blockchain.

Hong Kong Stock Exchange to Implement Blockchain Technology

ASX announced back in December 2017 that it was going to start using blockchain technology in order to replace the 25 years old CHESS system. At the moment, Charles Li, chief executive of HKEX commented that two exchanges were developing a closer dialogue in order to share information about what they do.

HKEX Logo

HKEX Logo

Li has also explained that HKEX will be working with Blockchain technology for stock borrowing, lending and some other operations.

Two years ago, HKEX implemented other blockchain solutions to help small companies get funding.

“Unfortunately this space changes so much that the vendors we chose… eventually evolved such that they’re not really useful to us, and we’re not interested in doing it ourselves,” explained Li to the Financial Times.

This is not the first time that stock exchanges use this technology. The Canadian Securities Exchange (CSE) did it in the past. The CSE explained:

“The platform will enable companies to issue conventional equity and debt through tokenized securities, which would be offered to investors through Security Token Offerings (“STOs”). Unlike blockchain-based cryptocurrencies, the STOs will be subject to full regulation by applicable securities commissions.”

The new system will provide several benefits, including risk reduction for investment dealers and their clients, cost savings, error reduction, facilitation of shareholder communications and many others.
Other exchanges working with these technologies are Nasdaq, the London Stock Exchange or the Hapan Exchange Group.

Australian Stock Exchange (ASX) Blockchain Technology

The ASX is one of the top 10 securities exchanges all over the world and the largest interest rate derivatives market in Asia. The exchange is working with Digital Asset, that will provide the blockchain services required.

“After so much hype surrounding distributed ledger technology, today’s announcement delivers the first meaningful proof that the technology can live up to its potential,” explains Blythe Masters, Digital Asset CEO. “Together, DA and our client ASX have shown that the technology not only works, but can meet requirements of mission critical financial infrastructure.”

Blockchain technology is changing the world of finance. Different stock markets all over the world are using this technology to reduce costs and offer better quality services. Cryptocurrencies are not the only product that blockchain is able to deliver, but there are many other things that can be done with this technology.

Image Courtesy of Pixabay and LeapRate

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