Computershare and SETL collaborate on a project to build the record of safety ownership using blockchain technology. Blockchain, or distributed ledger technology, marks of and genuinely growing list of transaction data which is secured by a global network of computers and cannot be altered with or updated. The project will target on the Australian market, using SETL’s blockchain to record asset ownership and to install automatic transfer of title from one owner to another.
Anthony Culligan, SETL’s founder and chief said,”It’s going to make (Computershare’s) life easier, it’s going to make their clients’ lives easier, and it’s potentially going to reduce the cost of the whole administration of securities ownership registers”. Culligan said the new technology would make central securities depositories (CSDs), often run using old computer systems, more lightweight and efficient. But though they might in the future be smaller, he said CSDs would still need to exist for regulatory reasons. The project must still get authorization, and it will take approximately 12 to 18 months for it to be functional.
Australia is emerging as a leader in blockchain investment. This year the Australian Securities Exchange bought a $10 million stake in Digital Asset Holdings, a start-up headed by former JP Morgan luminary Blythe Masters, who has been leading the charge into blockchain technology for financiers.