In an important step for the industry, Australia’s main stock exchange, ASX Ltd., announced late last week that they will start using blockchain to process equity transactions. Digital Asset Holdings LLC, a startup company run by former JPMorgan Chase banker Blythe Masters, will supply the technology. The ASX is the first global exchange to take this step.
Flash Payments has long-recognised the transformational potential of blockchain and we are excited that Australia continues to be at the forefront in embracing this technology for payments and settlements.
Our business at Flash Payments is built entirely upon the power of blockchain. Using the innovative Ripple Consensus Ledger Protocol, along with their digital currency XRP, we are able to deliver an intelligent foreign exchange transfer service to business and individuals.
Adopting distributed-ledger technology is the obvious next step for banks and exchanges. The current infrastructure used by these institutions is from a previous era and faces numerous challenges relating to speed, security and cost. Blockchain has the power to eliminate these inefficiencies by enabling real-time settlements, improved visibility and reduced risk.
“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,” Ms. Masters said.
Several other global exchanges have also been experimenting with blockchain, including Nasdaq Inc. and Deutsche Borse.
The theoretical merits of distributed-ledger technology have been debated in financial services circles for some time; it is encouraging to see such a prominent institution as ASX Ltd taking the next step and putting blockchain into practice.
Flash Payments has been among a handful of fintech companies in Australia leading the push to legitimise digital currency businesses through government regulation. In a milestone achievement, last Thursday the Australian Senate passed legislation extending anti-money laundering and counter-terrorism financing regulation to digital currency exchanges. The move is a momentous one, not only for sanctioning the investability of the digital currency industry but also for solidifying public trust in blockchain.
The endorsement of the government through legislation for digital currency exchanges really puts Australia at the forefront of the global community in terms of leading the blockchain revolution.
We at Flash Payments believe the rest of the world won’t be too far behind.