The Hong Kong Stock Exchange (HKEX) is thinking about implementing blockchain technology for its core features. CNN reported that HKEX got in touch with the Australian Securities Exchange (ASX) to discuss experiences, as ASX was the first major exchange to implement a blockchain based system for its post-trade settlement processes.

ASX announced last December that they would use a blockchain platform that was developed by Digital Assets, an US-based firm. Worth to mention that ASX ranked as the worlds most profitable stock exchange with a profit margin of 77% which is only a tiny lead in front of HKEX, which gained a margin of 71%. Now HKEX is seeking advice from the Australian Exchange to implement a similar innovative decentralized technology to reduce costs and improve efficiency.

According to HKEX CEO Charles Lee, the exchange is ready to use blockchain technology in stock borrowing, lending and over-the-counter trade transactions. Lee stated that the idea is to use make existing features cheaper with existing innovative technologies. We wish them luck, as this could be a fitting example of the usage of blockchain for a good purpose.