The Australian stock exchange has abandoned all of its plans of rebuilding its software platform through the technology provided by blockchain, which would mark a significant rejection of the concept which was once celebrated and had gained massive prominence.
The Australian Securities Exchange also caused a lot of frustration among the market participants in November 2022 when it was decided that they would pause the rebuild of its comprehensive settlement, trading, and also clearing software which was based on decentralized computing. An external review was further conducted after seven separate years of development, and it was found out that a significant rework was necessary.
Australian Stock Exchange Has Given Up On Its Idea Of Introducing Blockchain
After the initial pause, the Australian stock exchange indicated that it had been exploring multiple alternatives for a new attempt in order to recreate their 30-year-old software. However, in a meeting with the participants on 17th May, it was reported that the company had declared that it would not be incorporating any blockchain or ledger technology into the mix. When they were asked about their approach for the next attempt, Tim Whiteley, the project director, stated that although the exchange had been looking towards all the options, it was pretty likely that they would need to use more of the conventional technology in order to achieve the business outcome that was desired.
The statement from the Australian Stock Exchange also indicated the conclusion of a project which was expected to show one of the most notable examples of any concept that was aimed at expediting online transactions through secure processing over multiple locations. ASX was already poised to be one of the first securities exchange to adopt the technology of the blockchain in its operation, before it decided to let go of this plan.