The Australian Securities Exchange (ASX) wants to gather feedback from the market on blockchain technology which will be used to develop its new post-trade platform.

ASX has launched a showcase space at its Sydney headquarters. The dedicated showcase space dubbed acceler8, built by the organization will demonstrate how the blockchain platform will work, and will to gather feedback from visitors.

During the ongoing SAA 2016 Stockbrokers Conference on 1st and 2nd June at Melbourne, Peter Hiom, deputy CEO at ASX Limited mentioned that, “Our first aim must be to fully assess the technology. There are important questions regarding scalability, security, and performance that must be answered. And we must ensure that the current processes of our equity market can be performed by the new platform.”

Hoim considers adopting blockchain in Australia's financial markets which will strengthen the market's global competitiveness. Talking about this, he stated, “We believe the potential of the technology to improve post-trade efficiency and reduce costs is genuine.” He further added saying that, “Our market is a complex organism, and there is a terrific opportunity for us to simplify how it works. In doing so, we can unlock a new era of collaboration and innovation.”

The ASX before, enlisted US-based firm Digital Asset to help it develop solutions for the Australian equity market using blockchain technology. Last February, the organization revealed the announcement to replace or upgrade all of its main trading and post-trade platforms.

Hoim said that the two companies expect to make a final decision on the post-trade infrastructure in 2017 and have now began an intensive period of development to create a blockchain platform to test and demonstrate the capabilities of the technology.

According to the Australian government, the blockchain technology has attracted considerable interest and is currently being applied to a number of areas within the international financial system. It believes that the technology has the potential to revolutionize important services like settlement and clearing of equities, financial contracts etc.

Formed in 1987, Australian Securities Exchange Ltd. is an Australian public company that operates Australia's primary securities exchange. Today, ASX has an average daily turnover of A$4.685 billion and a market capitalization of around A$1.6 trillion. It is one of the world's top 15 listed exchange groups.