Digital Asset’s Failed CHESS System Has Resulted In Blame Game

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Digital Asset
Digital Asset

Digital Asset- which is the firm from New York that is responsible for the now abandoned blockchain-based clearing system of the Australian Securities Exchange- has recently blamed ASX for constantly dropping its plans for a blockchain.

At the same time, the representatives of ASX have already clapped back with their statements to Cointelegraph, calling the claims completely misleading. Over the last seven years, the securities exchange has come up to be the world’s first securities exchange that has adopted blockchain technology, which would then have been in partnership with the New York-based Digital Asset. However, in a major U-turn, the exchange went on to announce on the 17th of May that it would be abandoning the upgrade and then looking towards conventional tech.

Digital Assets And Their Constant Issues With ASX

According to a recent report published by The Australian, the co-founder of Digital Asset- Eric Saraniecki- informed the attendees of a parliamentary joint committee session on the 8th of June on financial and corporations that there were a couple of reasons why the blockchain upgrade had ended up failing. The co-founder went on to allege that ASX had been pretty unwilling to hand over some of the important test data that would’ve allowed the company to test the functionality of the new system.

On the other side of the spectrum, the non-executive director of ASX, David Curran informed Cointelegraph that the issue was a major lack of communication from Digital Asset’s end regarding the concerns. Curran mentioned that ASX had made it abundantly clear to the senior members of the company and others that if any concerns were being raised about the project, there would always be ways that they could be dealt with.