Australian stock transfer company Computershare is working with a UK-based blockchain startup to create a securities registry using the technology.

The plan is to use Setl’s tech foundation to facilitate the exchange of title from securities buyer to seller, with Computershare aiming to attract clients and users to the platform as it takes shape.

The two companies announced the deal at an investor event in Sydney, according to a report by the Sydney Morning Herald. From the outset, Computershare and Setl will focused on applications in the Australian securities market, which is notable given past moves by the country’s major stock exchange to explore distributed ledger solutions.

Stuart Irving, chief executive of Computershare, told investors during the event that the technology – which some proponents have said could augment or outright replace elements of the securities trade sector – makes sense for the company.

He reportedly told investors:

Under the deal, Setl will provide software solutions for the planned registries, while Computershare will lobby industry stakeholders to participate.

Setl made headlines late last year when the startup named a former Bank of England executive director as its chairman. Sir David Walker, appointed in mid-December, had previously served in leadership capacities for Barclays and Morgan Stanley.

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