ASX abandons blockchain rebuild as it reveals a new strategy is in progress.
Australia's stock market operator has decided to abandon its plans of rebuilding its software platform using blockchain technology, marking a significant rejection of the once-celebrated concept that gained prominence through its association with cryptocurrencies.decided to"pause" the rebuild of its comprehensive trading
, settlement and clearing software based on decentralized computing. An external review concluded that after seven years of development, significant rework was necessary. Following the initial pause, the company has indicated that it is exploring alternatives for a new attempt to rebuild its 30-year-old software.
The statement indicates the conclusion of a project that was expected to showcase one of the most notable examples of a concept aimed at expediting online transactions through secure processing across multiple locations.securities exchange to adopt blockchain technology in the operation of its core services in partnership with the New York-based contractor Digital Asset, who is providing the technology. ASX bought a small stake in Digital Asset after hiring it to rebuild its software in 2016.
ASX received feedback from market participants expressing their preference for a less risky approach, avoiding a sudden transition to new software on a single date. Whiteley acknowledged that this feedback has been considered in the implementation planning process.
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