ASX Drops Blockchain Adoption Plans After Seven Years of Development

• Australian Securities Exchange (ASX) has abandoned plans to replace its software infrastructure using blockchain technology.
• After seven years of development, a thorough overhaul is required and the firm is considering different approaches to rebuilding the 30-year-old program.
• Project director Tim Whiteley said that traditional technological methods will most likely have to be resorted to in order to get the necessary commercial results.

Australian Securities Exchange Drops Blockchain Adoption Plans

The operator of Australia’s stock exchange has abandoned plans to replace its software infrastructure using blockchain technology, after seven years of development and a thorough overhaul being required.

Evaluation Requires Overhaul

Project Director stated it would probably have to resort to traditional technological methods in order for the exchange to receive the necessary commercial results. An outside evaluation had concluded that an extensive overhaul was needed for the project.

Eyeing Traditional Technological Methods

At a May 17th meeting, business reportedly told attendees that blockchain or similar distributed ledger technology (DLT) will not be used. The project director Tim Whiteley shared that ASX was making headway towards finalizing a new strategy before year’s end and had sent out RFIs and RFPs for further input from prospective software providers and interested parties.

Initial Attempt at Blockchain Integration

ASX initially engaged Digital Asset in 2016 with the plan of rewriting their software in order to speed up online transactions via secure processing across numerous locations – becoming the first securities exchange with blockchain integrated into core services.. The company even invested in Digital Asset by purchasing minor shares afterwards.

Future Plans for Rebuilding Software

With their goal of rebuilding the 30-year-old program, ASX is now looking into more traditional technological methods due to a need for more efficient commercial results. The company aims to complete this process before year’s end by receiving more thorough input from various sources such as prospective providers and interested parties through RFIs and RFPs respectively.