Australia’s Stock Exchange ASX Axes Blockchain Initiative—for Good


After seven years of development, Australian Securities Exchange (ASX) has finally abandoned plans to use blockchain technology or related distributed ledger technology (DLT) for revamping its existing Clearing House Electronic Subregister System (CHESS)

At a May 17 meeting, ASX exchange project director Tim Whiteley said that while the exchange continues to explore all the options, “certainly we will need to use a more conventional technology than in the original solution in order to achieve the business outcomes,” Reuters reported Friday citing a recording of the meeting.

The ASX is Australia’s largest stock exchange, boasting a market capitalization of more than $2.5 trillion with over 2,200 firms listed on the exchange.

The exchange expects to adopt a new strategy by the end of the year, with Whiteley telling the meeting participants the company had sent a request for information to potential software vendors and issued a request for a proposal to interested parties to get “more detailed feedback.”

ASX didn’t immediately respond to Decrypt’s request for comment.

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