The Australian Securities Exchange (ASX) has finally revealed a detailed business rationale for one of the largest implementations of technology inspired by bitcoin.

Speaking during the presentation of ASX's annual results, CEO Dominic Stevens meticulously outlined how the sixteenth largest exchange in the world plans to use distributed ledger technology (DLT) to bring new efficiencies to its users.

Instead of using the current centralized CHESS system for sending messages about buying and selling securities, ASX is implementing a decentralized, shared ledger similar to bitcoin's blockchain and developed by former J.P. Morgan executive Blythe Masters.

At the core of the value proposition behind the move is what Stevens described as $23 billion in potential savings from fees currently paid by Australian firms for investment services, including insurance, online services and more.