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According to The Block, the Australian Securities Exchange (ASX) is dropping a long-in-the-making blockchain-powered replacement for its CHESS settlement and clearing system. The announcement caps a process subject to delays and controversy that once appeared to be an early win for enterprise adoption of distributed ledger technology. ASX will "will reassess all aspects of the CHESS replacement project following completion of an independent review, conducted by Accenture, and its own internal assessment," according to a press statement. "The CHESS replacement capitalized software will be de-recognized in light of the solution uncertainty, resulting in a charge of $245-255 million pre-tax ($172-179 million after tax) in 1H23. This will have no impact on dividends," ASX said. "However, after further review, including consideration of the findings in the independent report, we have concluded that the path we were on will not meet ASX’s and the market’s high standards. There are significant technology, governance and delivery challenges that must be addressed."

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【ASX cancels years-long blockchain settlement and clearing system project】According to The Block, the Australian Securities Exchange (ASX) is dropping a long-in-the-making blockchain-powered replacement for its CHESS settlement and clearing system. The announcement caps a process subject to delays and controversy that once appeared to be an early win for enterprise adoption of distributed ledger technology. ASX will "will reassess all aspects of the CHESS replacement project following completion of an independent review, conducted by Accenture, and its own internal assessment," according to a press statement. "The CHESS replacement capitalized software will be de-recognized in light of the solution uncertainty, resulting in a charge of $245-255 million pre-tax ($172-179 million after tax) in 1H23. This will have no impact on dividends," ASX said. "However, after further review, including consideration of the findings in the independent report, we have concluded that the path we were on will not meet ASX’s and the market’s high standards. There are significant technology, governance and delivery challenges that must be addressed."

ASX cancels years-long blockchain settlement and clearing system project

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