BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

ASX Abandons CHESS Blockchain Upgrade: A Deep Dive into the Blame Game with Digital Asset

by Dan K
Jun 23, 2023 - 11:30 am
in Blockchain
An illustration showing the cybersecurity breach at TrueCoin's third-party vendor, highlighting the potential exposure of TUSD user data.

The Clash of Titans: ASX vs Digital Asset

Digital Asset — the New York firm responsible for Australian Securities Exchange’s (ASX) now-abandoned blockchain-based clearing system — has pointed fingers at the securities exchange for dropping its blockchain plans. ASX, however, labels these claims as misleading and has hit back.

Behind the Scenes: ASX’s Blockchain Vision

For nearly seven years, ASX was on the path to become the world’s first securities exchange to embrace blockchain technology, in partnership with Digital Asset. But on May 17, the ASX made an unexpected announcement: it was abandoning the upgrade for more conventional technology solutions.

Unveiling the Causes: Digital Asset’s Allegations

Eric Saraniecki, the co-founder of Digital Asset, revealed two main reasons for the blockchain upgrade failure. First, he claimed the ASX was unwilling to share critical test data that would’ve enabled better system functionality testing. Second, while publicly advocating for a “big bang” replacement method for its almost 30-year-old CHESS platform, ASX was allegedly requesting Digital Asset to maintain some elements of the outdated system.

ASX Strikes Back: The Communication Issue

Contrary to Digital Asset’s claims, David Curran, ASX’s Non-Executive Director, defended the ASX, saying the issue boiled down to a lack of proper communication from Digital Asset regarding their concerns.

Inside the Upgrade Pause: ASX’s Perspective

ASX’s Managing Director and CEO, Helen Lofthouse, said that the decision to pause the upgrade was not due to “flexible requirements” but the system’s pre-existing requirements and how settlements work in Australia.

The Blockchain Question: ASX’s Future Plans

Despite widely-reported abandonment of blockchain tech, ASX CIO Tim Whiteley says that “no firm decision” has been made yet and that they continue to explore all options for the solution design.

Final Thoughts: A Lesson in Technology Upgrade

The story of the CHESS blockchain upgrade project is a valuable case study for entities considering significant technology overhaul. It emphasizes the need for clear communication, precise project requirements, and the importance of extensive and inclusive testing in successful implementation.

As ASX and Digital Asset continue to navigate their individual paths, the industry watches closely to learn from their experience. The ASX’s final decision on blockchain adoption, yet to be confirmed, is highly anticipated. Ultimately, whatever the direction, the primary aim remains to improve operational efficiency and provide greater value to stakeholders.

Indeed, the blame game between ASX and Digital Asset serves as a timely reminder that the road to innovation is often fraught with challenges. This debacle highlights that in the dynamic world of technology, collaboration, and mutual understanding are as vital as the technology itself.

Tags: AustraliaBlockchainCryptoSecurity
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Pakistan’s Bilal Bin Saqib meets El Salvador’s Nayib Bukele to sign Bitcoin collaboration agreement

Pakistan’s Crypto Minister and El Salvador’s President Forge Bitcoin Collaboration

July 17, 2025

Pakistan’s crypto minister and El Salvador’s president signed a pact to share Bitcoin expertise and push public sector...

Polymarket logo on digital background after US regulators end probes

US Justice Department and CFTC Close Polymarket Investigations

July 15, 2025

US regulators have reportedly ended their investigations into Polymarket, clearing a path for the betting platform’s upcoming $200M...

China’s financial authorities evaluate launching yuan-backed stablecoins through state-owned entities

China Considers Yuan-Pegged Stablecoins: State-Owned Firms Ordered to Study Feasibility

July 15, 2025

China instructs state-owned firms to explore yuan-pegged stablecoins, hinting at a softening stance as global stablecoin adoption rises.

Exterior of the Czech National Bank building representing its new investment strategy including crypto assets

Czech Central Bank Enters Crypto with Coinbase Stake, Expands Palantir Holdings

July 13, 2025

Czech National Bank adds Coinbase to US portfolio, signaling crypto interest, while expanding Palantir stake amid AI investment...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise