Ethereum founder joins Toronto Stock Exchange to explore blockchain technology

The Toronto Stock Exchange is currently investigating the capabilities of blockchain technology. Prior to this, the parent company of the Toronto Stock Exchange has appointed Anthony Di Iorio as Chief Digital Officer (CDO).

The application of the technology underlying bitcoin is expanding among financial technology professionals. Blockchain’s ability to create self-executing smart contracts has been shown to help with securities and housing transactions. The banking industry is studying whether blockchain has the potential to facilitate fast and cheap money transfers between bank branches across geographical regions, while stock exchanges are also investigating smart contracts and automated settlement capabilities.

NASDAQ, the Australian Stock Exchange, and the New York Stock Exchange have all been interested in blockchain for some time. Canada is not far behind the United States and Australia. The Toronto Stock Exchange has hinted that they are interested in distributed ledger technology and has even hired an expert. According to reports, the Toronto Stock Exchange has recently appointed Anthony Di Iorio to help them.

Anthony Di Iorio is a well-known figure in the field of cryptocurrency. He is one of the founders of Ethereum, the founder of Kryptokit and Decentral, and an important member of the Canadian Bitcoin Alliance. Now, Anthony has been appointed as the Chief Digital Officer (CDO) of the Canadian Stock Exchange. The CEO of TMX Global Corporate Services, the parent company of the Toronto Stock Exchange, officially announced Anthony's appointment in January.

Speaking to VentureBeat, TMX Global Corporate Services CEO Jean Desgagne also noted that Anthony’s appointment comes at a time when Canada’s largest stock exchange is exploring the potential of blockchain technology.

According to the general manager of the Toronto Stock Exchange in Australia, the Australian Stock Exchange has announced plans to upgrade its existing trade settlement system using a new blockchain-driven system, and announced that Digital Asset Group Inc., a well-known blockchain financial solution provider, will help them develop this system. Meanwhile, Nasdaq recently announced its private market blockchain project called LINQ, which was launched in late 2015.

Through a blockchain-driven transaction settlement system, securities markets can settle transactions at the same time as they are completed, while the traditional systems currently used by almost all securities markets take a lot of time. In traditional transaction settlement systems, a portion of investors' funds are locked before they are processed. In unstable market conditions, this may cause investors to lose a lot of investment opportunities because they cannot take the funds being processed back and put them back into the market, resulting in losses. However, a transaction settlement system based on blockchain technology can utilize the existing smart contract function, which will automatically start executing immediately after the transaction is completed. Once the smart contract is executed, the necessary documents (or its digital equivalent) will be synchronized with the blockchain and the settlement process will be initiated. If an investor needs to receive funds from a previous transaction or trade stocks, he can do so in a few minutes.

The automation of the entire trading platform will help improve the efficiency of securities trading and reduce manpower input. Efficiency and manpower input will in turn directly affect the national economy. Now is just the beginning of the reform, and we will soon see more stock exchanges and trading platforms accept blockchain technology.

Original article: http://www.newsbtc.com/2016/03/05/toronto-stock-exchange-explores-blockchain-technology-appoints-cdo/
Author: Gautham
Compiled by: Kyle
Source (translation): 8btc Information (http://www.8btc.com/toronto-stock-exchange-explores-blockchain-technology)