ASX abandons blockchain rebuild to explore conventional options to achieve the desired business outcomes as it sends RFP to potential software vendors.
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Australia’s stock market operator has decided to abandon its plans of rebuilding its software platform using blockchain technology, marking a significant rejection of the once-celebrated concept that gained prominence through its association with cryptocurrencies.
The Australian Securities Exchange (ASX) caused frustration among market participants in November when it decided to “pause” the rebuild of its comprehensive trading, settlement and clearing software based on decentralized computing. An external review concluded that after seven years of development, significant rework was necessary.
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Following the initial pause, the company has indicated that it is exploring alternatives for a new attempt to rebuild
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