Daiwa Securities Group, a Japanese investment banking company, will be adopting blockchain technology in payments, in a move to stock trade in Myanmar and explore the practical uses of the technology within two years.
According to reports by Asian Nikkei, Daiwa will negotiate with the Myanmar government to introduce the system. Units of Daiwa like Daiwa Institute of Research Holdings tested the system from June to September with the help of general-purpose servers that are available in Myanmar. In a move to use blockchain to connect the Yangon Stock Exchange and local brokerages, the test was conducted to gauge how the system would work in the country.
The brokerages can continue a minimum of operations like checking past transaction records and outstanding balances, among others using blockchain technology, although new transactions cannot be checked. Using blockchain, Yangon Stock Exchange matches buy and sell orders twice a day unlike the continuous matching that happens at most bourses.
According to a Daiwa Securities Group representative, no stock exchange has introduced blockchain technology in trading of listed stocks, as reported by Nikkei.
