The Sydney Stock Exchange (SSX) has successfully prototyped its open blockchain ledger for real-time issuance and allocation of equity security, within a month after confirming the project.

Following its mid-September confirmation that it is pressing ahead to build an open, public blockchain platform that will reduce settlement times of trades and equities, the Sydney Stock Exchange has now tested its prototype blockchain ledger successfully.

The announcement came via the APX Settlement Private Limited (APXS), a joint venture between the SSX and blockchain consultant Bit Trade Labs to develop the public ledger.

The APXS underlined its preference for an open blockchain platform, unlike the approach taken by competitor ASX – the Australian Securities Exchange.

Opting for a collaborative approach with other participants from the industry, the APXS also sees its public blockchain solution leverage beyond the securities market to scale the commodities market. Such an effort, it says, would help government and other participating industries to change markets that are weighed down by antiquated technologies.

Following the successful testing of its prototype, the joint venture is now determining the required infrastructure for the development of the blockchain solution’s production environment. Furthermore, it is collaborating with industry assurance and cybersecurity experts to ensure it matches verification requirements to avoid systemic risks.