CEO of ASX Peter Hiom : Blockchain will Soon Become a Standard as Predicted

Recently, the world’s leading commodity and stock exchange -Australian Securities Exchange (ASX) has used Blockchain for a new post-trading remedy and progressed post-trading efficiency by decreasing operational costs.

ASX CEO Peter Hiom

There may be a lot of intrigues when the Australian Securities Exchange (ASX) decides to build a new post-trading solution using Blockchain technology. But according to ASX CEO Peter Hiom, people will use blockchain technology in a few more years.

Speaking at vForum held in Sydney on November 19, 2019, Hiom believes that Blockchain is relevant to any industry where data sharing between multiple stakeholders.

With distributed ledgers, one can independently verify that the information stored and shared is accurate. They will not need to conduct messages with ASX or any such entity to check the authenticity of the data. Blockchain technology will become a standard. And all the hype surrounding its novelty will certainly be destroyed because sharing data between different parties is a very important part of any business, Hiom explained.

Peter Hiom went on to say that users will do a lot of processing work between companies when they can disseminate and synchronize data between multiple parties. Therefore, Blockchain is the potential of every industry, be it insurance, logistics, healthcare or banking, he asserts.

“We believe we will stop talking about this technology for a few more years, which will be the way data is shared,” he told the audience.

“I personally think this technology is still at an early stage and this will take time to implement and people will have their own entry points,” he said. “Ours is just clearance and settlement. For others, it will be another system that changes or treats effectively as their entry point.

He mentioned that enterprise deployment of Blockchain will come “perhaps sooner than some people think”. Additionally, “we do believe it will be something we’ll stop talking about. In 15 years’ time, we’ll be wondering about how we used to do things.”

Hiom explained that “Because of the secret source of distributed ledgers, the key to that is that you can independently verify without having to go back to ASX to prove it, you don’t need to message backwards and forwards “.

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