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

Australian Securities Exchange Drops Blockchain Technology in Search for Conventional Options: An In-depth Analysis

by Dan K
May 19, 2023 - 2:00 pm
in Blockchain
Logo of the Australian Securities Exchange with a red cross, symbolizing the cancellation of its blockchain plans

Table of Contents

  • Blockchain Rejection: ASX Discontinues Software Rebuild
  • A Long Road to Abandonment
  • Exploring More Traditional Paths
  • World’s First Blockchain-Powered Securities Exchange – No More
  • Towards a New Strategy

Blockchain Rejection: ASX Discontinues Software Rebuild

Australia’s leading stock market operator, the Australian Securities Exchange (ASX), has officially ended its plan to reconstruct its software platform using blockchain technology. This decision, announced on May 17th, marks a major departure from the decentralized computing concept that has been closely associated with cryptocurrencies.

A Long Road to Abandonment

In November 2022, the ASX caused market unrest by announcing a “pause” on the comprehensive trading, settlement, and clearing software rebuild project. This followed an external review concluding that significant rework was necessary after seven years of development. The project was a notable effort to streamline online transactions by processing them securely across multiple locations.

Exploring More Traditional Paths

Now, ASX has declared it is considering alternatives for a new software rebuild. However, it will be moving away from blockchain and other related distributed ledger technologies (DLT).

Project Director Tim Whiteley confirmed during a meeting that while all options are being explored, the focus will likely shift towards more conventional technologies to achieve their business goals.

World’s First Blockchain-Powered Securities Exchange – No More

The abandoned project was expected to make the ASX the world’s first securities exchange to implement blockchain technology in its core services. The technology was to be supplied by the New York-based contractor Digital Asset, in which the ASX had invested after engaging the firm for the software rebuild in 2016.

Towards a New Strategy

Whiteley disclosed that ASX is progressing toward devising a new strategy by year’s end. It has reached out to potential software vendors and invited proposals from interested parties to gather a wide range of feedback.

The market participants have voiced their preference for a less risky approach, advocating a gradual transition to new software rather than a sudden switch. This feedback has been taken into consideration during the implementation planning process, ensuring the next steps align with market expectations and standards.

Tags: AustraliaBlockchainExchange
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

Logo of Deutsche Telekom, now a Polygon validator, signaling its strong presence in the blockchain space.

Deutsche Telekom Breaks New Ground, Becomes Polygon Validator

June 1, 2023

In a bold step towards Web3, Deutsche Telekom leverages its infrastructure, operating as a validator for Ethereum's layer-2...

RBI Deputy Governor Mahesh Kumar Jain addresses Indian banking directors, urging the adoption of AI and blockchain technologies.

RBI’s Call to Arms: Indian Banks Urged to Embrace AI and Blockchain for Future Growth

May 31, 2023

The Reserve Bank of India advocates for the integration of AI and blockchain into Indian banking systems to...

Security researchers at dWallet Labs uncover a significant flaw in Tron multisig accounts.

Tron Fixes $500M Multisig Vulnerability Uncovered by dWallet Labs Security Team

May 30, 2023

Security experts at dWallet Labs uncover a critical $500M flaw in Tron's multisig accounts, which was promptly resolved,...

Graph depicting the growth of the North American digital gaming market driven by metaverse and blockchain technology

Metaverse and Blockchain Catalyze Growth in North American Digital Gaming Market

May 30, 2023

Rapid growth in North America's digital gaming market is driven by metaverse and blockchain integration, reshaping the future...

Press Releases

pulse x

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse x

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse x

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

pulse x

Hong Kong Web3 Festival 2023, Hong Kong’s Largest-Ever Premier Digital Asset Event, is here. A Platform for Worldwide Leaders to Discuss the Latest Web3 and Blockchain Trends

May 8, 2023

Join Hong Kong Web3 Festival 2023, the largest-ever digital asset event, co-hosted by Wanxiang Blockchain Labs and HashKey Group.

View All
BTC-Pulse LogoTransparent

© 2023 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

©2023 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