‘Better than blockchain’ new asset trading system unveiled
The chief scientist of the Capital Markets Cooperative Research Centre, Michael Aitken, has demonstrated a new asset trading system – known as digi.cash – which he says will allow a broad range of financial assets to be traded at virtually no cost with immediate settlement, potentially disruptive to existing markets like the Australian Securities Exchange.
Digi.cash works via a system of “tokenisation”, where a digital representation is made of a physical asset. When the “token” is sent from one person to another, settlement is instant. The receiver can then “withdraw” the real asset.
In a presentation to the Financial Review Innovation Summit, Professor Aitken, who received the Prime Minister’s innovation award in 2016, said the technology was superior to blockchain, versions of which are being considered by the ASX to make clearing and settlement more efficient and by Computershare to streamline registries.
Professor Aitken said he hoped the digi.cash system might be considered as an alternative. “I am not convinced about blockchain myself,” he said.
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