According to a press release last August 26, The Australian Securities Exchange or ASX confirms their interest in delivering the Clearing House Electronic Subregister System (CHESS) replacing its system by 2021, following with a new agreement with NYSE-listed tech firm VMware and Digital Asset Holding (DA).
Based on the reports, ASX signed a three-party memorandum of understanding or MOU on collaborating with firms for blockchain projects in Australia and New Zealand also shows their interest in developing an application to replace its equities clearing and settlement system.
The support of the open-source smart contract programming language called DAML is also including on their Memorandum of Understanding. DAML is used to build distributed applications, developed by DA, which is a firm partly-owned by the AXS.
First revealed in 2017- AXS originally planned this to be delivered by 2020 but since there was a six-month delay for blockchain implementation is requiring more time on their user development and on the system.
According to Peter Hiom, Deputy CEO of ASX the new partnership confirms the company’s belief in the potential of distributed ledger technology as they keep on track to deliver the CHESS replacement system by March or April of 2021.
They Launched the first implementation of its blockchain-based replacement application development last May 2017. As reported the exchange then released its first code for the application on the new platform called Customer Development Environment Based on the exchange’s existing offering CHESS.