ASX launches Synfini, its distributed ledger as a service platform

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ASX launches Synfini, its distributed ledger as a service platform

ASX says its Distributed Ledger Technology (DLT) as a Service platform, is now production-ready and that it has now welcomed its first customer to what it has called Synfini.

The platform uses the same underlying technology as ASX’s occasionally controversial CHESS replacement but is offered as a cloud service, allowing flexibility and scalability to ASX’s customers as their usage grows.

Those initial DLT-powered solutions will be deployed in the coming months, according to the company.

Dan Chesterman, ASX Group Executive, Technology and Data, said: “With Synfini, ASX is providing an innovative solution for customers to enable the building of a diverse ecosystem of products and services.

According to Chesterman, Synfini has the potential for companies both in and outside financial markets, to design and build innovative, digital, multi-party solutions on ASX’s ledger.

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, said Paul Stonham, General Manager Business Development, ASX DLT Solutions.

The platform extracts and simplifies business processes to make data accessible and optimises workflows using smart contracts, he said

“With Daml, organisations build applications that ensure systems remain in sync and entitled users have access to reliable, real-time information and transaction status at all times,” he said.

Synfini is a full service blockchain technology powered by VMware Blockchain that provides customers with access to ASX’s DLT infrastructure, data hosting, ledger services and support, according to a statement announcing the launch.

“This eliminates the need for organisations to build, run and support their own environment, reducing cost, complexity and risk,” Stonham said.

Each party has invite-only and permissioned access to a synchronised and real-time immutable audit trail.

ASX says this improves the accuracy of information and workflows and reduces delays and the need for additional manual reconciliation.

In addition, it claims that automated consent management and sovereignty to data owners ensures each party sees only the data on the ledger that they have permission to access.

KPMG is using Synfini to help creating and operate the NSW Government’s Building Assurance Solution, where it will be as the platform to host its application. The KPMG application is designed to provide a trustworthy index for buildings based on the source and quality of the materials and contractors used in its construction.

The company says this will enable interested parties to distinguish between compliant, resilient buildings and non-compliant, problematic buildings. 

According to ASX, other early adopters include Broadridge, which is developing an application that automates and eliminates paper for off-market transfers in the equities market; and Boulevard, which is building an ownership register for private companies.

DigitalX will host its Drawbridge app on Synfini, a regtech application that helps companies reduce employee and director securities trading risks by automating the approval process.

© Digital Nation

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