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ASX says its blockchain will slice super costs

James Eyers

The ASX said the adoption of blockchain technology could help the superannuation industry save hundreds of millions of dollars in costs by removing multiple databases of share ownership information, while also creating new revenue opportunities.

Announcing underlying net profit up 7.2 per cent to $465.3 million – helped along by a 46 per cent jump in the amount of capital raised by listed companies over the past year – CEO Dominic Stevens unveiled a strategic vision for the ASX to become the trusted infrastructure governing big-data analytics as the financial services industry is reshaped by new technology.

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James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au

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    Original URL: https://www.afr.com/markets/equity-markets/asx-says-its-blockchain-will-slice-super-costs-20180816-h14270