California-based tech company VMware, alongside fintech enterprise Digital Asset, has entered into a memorandum of understanding (MoU) with the Australian Securities Exchange (ASX) to collaborate on developing distributed ledger technology (DLT).
According to Computer World, ASX announced the signing of the MoU and made known that VMware and Digital Asset will work with it on the implementation of a blockchain-like system in Australia and New Zealand.
The joint effort is part of ASX’s desire to replace its Clearing House Electronic Subregister System (CHESS), a computer program that has settled financial products traded on the Australian Securities Exchange since 1994.
A key goal of the DLT upgrade would be enabling companies relevant to ASX to utilize Digital Asset Modeling Language (DAML) — an open-source language created by Digital Asset for building smart contracts that can run on a blockchain network.
ASX began making moves towards DLT in 2016, when it acquired a 5 percent stake in Digital Asset. Replacement of CHESS is expected to begin in early 2021, when ASX’s DLT system is slated for launch.
Peter Hiom, Deputy CEO of ASX, called the new partnership established by the MoU a “very positive development that will help us support a wider range of DLT solutions.”
The exchange operator has indicated that the tripartite alliance will go beyond empowering businesses to use DAML towards providing DLT support for enterprises across Australia and New Zealand.
VMware is to apply its know-how on virtualization to realize ASX’s objective.
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