ASX gears up to take on IBM and Microsoft in blockchain-as-a-service

When the Australian Securities Exchange (ASX) completes the build of its blockchain platform mid-next year to replace its legacy Clearing House Electronic Subregister System (CHESS), it will mark the launch of its commercial business as a blockchain service provider. "We're entering a competitive space. This [will be] little ASX in Australia competing with the global behemoths that are IBM, Microsoft, and other big tech players who provide blockchain-as-a-service," ASX equity post trade executive general manager Cliff Richards said. "We're the underdog here." However, such competition will not be enough to deter the ASX from allowing third parties to develop applications and host them on its blockchain-based platform when its built, according to Richards. "We're fancying ourselves as being able to deliver better value," he said, touting that the long-standing trust the market has in the organisation to not do "anything dodgy" will give it the competitive advantage. Because we're trusted, we're recognised, brands are understood, and we're adults in the room. We're not hysterical. We've kept markets going for one and a half centuries," he continued.