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The Australian exchange operator has decided to abandon its plans to rebuild its software platform using blockchain technology, marking a significant rejection of the once-celebrated concept that gained fame through its association with cryptocurrencies.
The Australian Securities Exchange (ASX) sparked frustration among market participants in November when it decided to stop rebuilding its comprehensive trading, settlement and clearing software based on decentralized computing. An external review concluded that after seven years of development, significantly more work was needed.
After the initial hiatus, the company has indicated that it is exploring alternatives for another attempt to rebuild its 30-year-old software. However, at a meeting with participants on May 17, it was reported that the company stated it would not integrate blockchain or any related distributed ledger technology (DLT).
When asked about the approach for the next attempt, Tim Whiteley, the director of the exchange project, stated at the meeting that while they are exploring all options, they will probably have to use a more conventional technology instead of DLT or blockchain to get the desired results. achieve business. outcomes.
The statement marks the conclusion of a project that was expected to showcase one of the most notable examples of a concept aimed at accelerating online transactions through secure, multi-site processing.
ASX would be the first stock exchange in the world to adopt blockchain technology in the operation of its core services in partnership with New York-based contractor Digital Asset, which is providing the technology. ASX bought a small stake in Digital Asset after it was hired in 2016 to rebuild its software.
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At the meeting, Whiteley informed participants that ASX was making progress toward finalizing a new strategy by the end of the year. He mentioned that the company sent a request for information to potential software vendors and also sent a request for proposal (RFP) to vendors who showed a more positive interest, seeking more comprehensive feedback.
ASX received feedback from market participants who expressed a preference for a less risky approach, avoiding a sudden move to new software on a single date. Whiteley acknowledged that this feedback has been incorporated into the implementation planning process.
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