The Australian Securities Exchange’s (ASX’s) new Distributed Ledger Technology as a Service (DLTaaS) platform is now production ready. Called Synfini, it is a full service blockchain technology offering powered by VMware Blockchain that provides customers with access to ASX’s DLT infrastructure, data hosting, ledger services and support.
The first set of customers will deploy a range of DLT-powered solutions over the coming months. Early adopters include Broadridge, which is developing an application that automates and eliminates paper for off-market transfers in the equities market.
Dan Chesterman, ASX Group executive in the Technology and Data division, said in a statement: “Synfini has the potential to open up a new world of opportunity for companies, both in and outside financial markets, to design and build innovative, digital, multi-party solutions on ASX’s world-class ledger.”
Paul Stonham, general manager for Business Development at ASX DLT Solutions, said in a statement that since ASX’s DLT as a service “sandpit” opened in January this year, more than 20 firms have “jumped in” to explore the Daml smart contract language from Digital Asset for building multi-party applications. It extracts and simplifies business processes to make data accessible and optimizes workflows using smart contracts.
“With Daml, organizations build applications that ensure systems remain in sync and entitled users have access to reliable, real-time information and transaction status at all times,” Stonham said in a statement. Each party has invite-only and permissioned access to a synchronis=zed and real-time immutable audit trail. This improves the accuracy of information and workflows, thereby reducing delays and the need for additional manual reconciliation.
Automated consent management and sovereignty to data owners ensures each party sees only the data on the ledger that they have permission to access. The platform’s committer nodes sit across several data centers and leverages Byzantine Fault Tolerance (BFT) technology, ensuring reliability and integrity for all parties in each workflow.
Yuval Rooz, co-founder and CEO at Digital Asset, said in a statement that customers like ASX are using the tech to build beyond original use cases: “Synfini is a great opportunity for users to familiarize themselves with Daml, while getting new products and services to market faster in a DLT environment.”
Synfini uses the same underlying technology as ASX’s CHESS replacement but is offered as a cloud service, allowing flexibility and scalability to ASX’s customers as their usage grows.