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- After seven years of development, a comprehensive revision is necessary.
- The Project Director indicated that it may need to revert to conventional technological solutions.
In a significant rejection of the previously celebrated concept that gained traction alongside cryptocurrencies, the operator of Australia’s stock exchange has decided to abandon its plans to upgrade its software framework using blockchain technology.
The Australian Securities Exchange (ASX) announced in November 2022 that it would “pause” the complete reconstruction of its trading, settlement, and clearing software based on decentralized computing, which frustrated market participants.
According to an external assessment, a comprehensive revision is necessary after seven years of development. Additionally, following a brief break, the organization has indicated that it is exploring alternative methods for updating the 30-year-old system.
Considering Conventional Technological Solutions
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During a meeting on May 17, the company reportedly informed attendees that blockchain or similar distributed ledger technology (DLT) would not be utilized.
Furthermore, in response to an inquiry about the next steps, Project Director Tim Whiteley stated at the meeting that while the exchange is examining all available options, it will likely need to revert to more conventional technological solutions to achieve the desired commercial outcomes.
This announcement signifies the conclusion of a project that was intended to serve as a leading example of a concept aimed at accelerating online transactions through secure processing across multiple locations.
With the assistance of New York-based contractor Digital Asset, ASX aimed to become the first securities exchange to integrate blockchain technology into its core service operations. After engaging Digital Asset to revamp its software in 2016, ASX opted to invest in the company by acquiring a minor stake.
Whiteley informed attendees that ASX is making progress toward finalizing a new strategy by the end of the year. He mentioned that to gather more comprehensive feedback, the organization has distributed RFIs to potential software providers and RFPs to interested parties.
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