Australian exchange pauses project to move stocks to blockchain
published on 2022/11/20
The Australian Securities Exchange (ASX) has paused its multi-year effort to replace its core trading systems with a blockchain-powered platform, written off up to AU$255 million ($171m) of work, and been advised to reconsider whether distributed ledger technology has a role in the project.
"We have concluded that the path we were on will not meet ASX's and the market's high standards," admitted ASX chair Damian Roche in a filing [PDF]*. "There are significant technology, governance and delivery challenges that must be addressed," he added.
It should have been obvious that blockchain is not the appropriate technology of choice for this type of system. This is what happened when hype overrides sound technological decisions.