@Goldphish. Nice catch.
I had another look. The article may indicate a potential conflict of interest in terms of the possibility of a blockchain approach to KYC..So i wrote to both ASIC and Senatoor Bragg (each again) about the need to review the roles of ASX and ASIC with particular relevance to ISX..I am not that worried about the blockchain, it is probably a validation of a process not its actual evidence of authentication, where ISX has a patent and others have levels of "confidence" (with or without "AI") which may give false positives.
Part of the article...
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...mutualised ‘know your client’ (KYC) regimes are another attractive use case of the ASX's DLT that could radically reduce costs for banks. Banks currently conduct KYC processes themselves, and re-do the work every time a customer switches. But the blockchain will allow one bank to syndicate their proof which could be relied upon across a group.
“The savings could be profound, each bank is currently building their own solution at great expense. We have innovators out there across the financial sector, someone needs to do it.”
Prem Naraindas, global blockchain director at DXC Technology, agrees the big benefits of the ASX blockchain will come outside equities, as multiple actors in various industries work out new ways of working with each other.
DXC is working on two projects with Bloxian Technology to put the ASX blockchain to use as soon as possible.
One is looking to streamline the procurement of services. Similarly to the mutualised idea, it currently can take several months for a new contractor to be brought on board by a bank given the extensive checks that take place, and each bank does the work itself even if the same party works for other banks with similar processes. A system to co-ordinate vetting, while also allowing for idiosyncrasies, will be ready mid next year, a year before the new CHESS is set to go live.
DXC and Bloxian have also build a digital, end-to-end home buying application, the first working demo built on the Digital Asset Modelling Language (DAML) anywhere in the world.
On the ASX's blockchain it assesses borrower capability to repay a loan after analysing bank account information, and takes prospective buyers through virtual walk through of properties using augmented reality. Borrowers can apply for loans online and the process has also digitised bidding and settlement documentation.
All these use cases provide a warning that incumbents not willing to modernise their own businesses and follow rapid advancements underway will be left behind.
While some ASX critics are worried ASX's infrastructure will become a monopoly, the DAML language has been open sourced, so can be used with other enterprise blockchains such as Hyperledger, or in cloud platforms run by Microsoft or Amazon. ASX is competing in a new world of blockchain infrastructure against names like Corda, R3 and Quorum.
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