- After seven years of development, a thorough overhaul is required.
- Project Director stated it would probably have to resort to traditional technological methods.
In a major rebuke of the once-lauded idea that rose to popularity with cryptocurrencies. The operator of Australia’s stock exchange has abandoned plans to replace its software infrastructure using blockchain technology.
The decision by the Australian Securities Exchange (ASX) to “pause” the rebuild of its complete trading, settlement, and clearing software based on decentralized computing in November 2022 angered market players.
After seven years of development, a thorough overhaul is required, according to an outside evaluation. Moreover, after a brief hiatus, the firm has signaled that it is considering different approaches to rebuilding the 30-year-old program.
Eyeing Traditional Technological Methods
The business reportedly told attendees at a May 17 meeting that blockchain or similar distributed ledger technology (DLT) will not be used.
Moreover, in response to a question regarding the next effort. Project director Tim Whiteley said at the meeting that although the exchange is looking into all of its possibilities. It would probably have to resort to more traditional technological methods in order to get the necessary commercial results.
The announcement marks the completion of a project that was meant to be a leading example of a concept for speeding up online transactions via safe processing across numerous locations.
With the help of New York-based contractor Digital Asset. ASX was planning to become the first securities exchange to implement blockchain technology into the functioning of its core services. After engaging Digital Asset to rewrite its software in 2016, ASX decided to invest in the company by purchasing a minor share.
Whiteley shared with attendees that ASX was making headway towards finalizing a new strategy before year’s end. He said that in order to receive more thorough input, the business has sent out RFIs to prospective software providers and RFPs to interested parties.
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