The Australian stock exchange, Australia Securities Exchange (ASX), announced in a press release that the start of its blockchain infrastructure will be postponed.
The Australian stock exchange ASX is one of the first stock exchanges worldwide to turn to blockchain technology. Apparently, the implementation is dragging on. According to a press release, the final change from the current infrastructure to a distributed ledger infrastructure should only take place in April 2022. This shifts the transformation of the settlement system by one year. Specifically, it is about the replacement of the Clearing House Electronic Subregister System (CHESS).
Corona is said to be complicit
The fact that everything is delayed should also be due to the Corona outbreak, which is delaying further development. However, they had coordinated closely with the stakeholders and the result of this coordination process was that the new system needed a little more time. According to the deputy CEO of ASX, Peter Hiom:
“In essence, the new CHESS system will enable existing services in new and improved functionality, ensure high availability, reliability and performance, and will support and strengthen Australia’s financial markets for the next decade. We have made great strides under challenging circumstances and are focused on delivering the solution quickly and safely.”