Australian Securities Exchange cancels blockchain-based clearing system at $168M cost
2022/11/17 09:43
According to CoinDesk, the Australian Securities Exchange (ASX) has cancelled its much-delayed blockchain replacement to its aged Clearing House Electronic Subregister System (CHESS).
The ASX said the decision has been taken "in light of the solution uncertainty" and will incur a charge of AUD $250 million ($168 million) in a statement Thursday.
A report by consultancy Accenture identified "significant challenges" with the the design of the blockchain system, such as uncertainty over how ASX requirements interact with the application and underlying ledger.
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