Australia’s Biggest Stock Exchange Shelves Blockchain Project, Writes Off $170M
Australian Securities Exchange (ASX) has shelved its seven-year-long project to ramp up the exchange’s CHESS clearing and settlement system using blockchain after an independent audit by Accenture reported issues. ASX developed CHESS 25 years ago to process securities trading electronically.
According to ASX, the project incurred a pre-tax loss of roughly $170 million (~$255 million AUD), which the company has written off. Since CHESS is decades old, ASX intended to upgrade the system and started evaluating its replacement options by late 2015. ASX selected Digital Asset as its technology partner to develop a similar system using blockchain technology, with the project becoming widely known as the “CHESS Replacement.”.
Source
https://t.me/Crypto_Bitcoin_Blockchain
