One of the world’s most prominent blockchain implementations is officially winding down after eight rocky years. The Australian Securities Exchange (ASX) recently revealed that it’s officially giving up on its attempt to replace its trade and settlement system with a blockchain-based network.
ASX has been relying on the Clearing House Electronic Subregister System (CHESS) since its launch in 1994. In 2016, it enlisted American startup Digital Asset Holdings to build a blockchain replacement for CHESS. After delays and postponements for years, the bourse announced last year that its blockchain project had failed to meet expectations. In its most recent meeting, the exchange has officially scrapped the project.
ASX project director Tim Whiteley confirmed the move in a recent meeting. The executive stated that the upgrade on CHESS would leverage traditional technology.
“…while we continue 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,” he said.