The Australian Securities Exchange confirmed that it will take around a year to introduce blockchain technology to its platform.
Australian Securities Exchange Ltd (ASX) is an Australian public company. This company operates Australia’s primary securities exchange, the Australian Securities Exchange. The ASX was established in early 1987. In 2017, ASX stated that it will introduce blockchain technology to replace the traditional trading system CHESS. The rollout of Blockchain technology Introduction was perfectly planned for 2021.
Recently, ASX released its official statement via a PDF file to confirm that the rollout of Blockchain technology Introduction to replace the CHESS system will take time by around a year, and expected that people will see the intial phase rollout in April of next year, so final phase of the rollout will be 2024.
“Based on current information, we do not expect that the go-live date for new CHESS could be before late 2024,” ASX said.
The main aim of blockchain technology integration is to introduce high scalability and resilience in the platform so that people can enjoy a better trading experience.
Helen Lofthouse, Managing Director and CEO of ASX, said that delay in blockchain technology Introduction is surely disappointing news but here customers needed to understand that delays are parts to bring updates perfectly & carefully.
“There has been significant progress with CHESS replacement. But we must take time for a careful, independent review of the work done to date and the work still to do..”
Further CEO talked about the sensitivity of traditional CHESS and said that the ASX needed to follow all measures precisely to go with a new system with strong safe sides.
“We must have high confidence in the schedule to deliver new CHESS safely. I know our customers will be as disappointed as I am with the uncertainty about the timeline for completion.”
Such steps taken by the traditional money market toward the adoption of blockchain technology is showing that the tech industry is moving toward crypto & blockchain technology because of the high trust nature of the data in the Blockchain network.