Have been doing quite a bit of research but still don't get how share ownership is tracked in US...

Is there an equivalent of CHESS there which track ownership electronically or are they still using paper share scribs?!

The reason I am asking is because I am trying to understand how share ownership is tracked in US as it was mentioned to me that share certain US brokerage firms holds the shares with a trustee.

Hence, if there is a dividend payment, the dividend will go to the trustee and then reiissued to the shareholder.

Whereas in Australia, shareholders get the dividend directly as the purchases done with brokerage firms are tracked through CHESS.

Could someone please help clarify how things work in US?