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ASX Abandons Blockchain-Based Software Overhaul for Stock Market Operations

ASX, Australia's stock market operator, has announced that it will not use blockchain-based technology for its software overhaul, marking a significant repudiation of the once-hyped concept. ASX had previously paused the rebuild of its trading, settlement and clearing software based on decentralised computing after an external review found it needed to be largely reworked.

While the company said it is considering options for another attempt at rebuilding the software, it confirmed that blockchain or distributed ledger technology would not be involved. ASX had previously said it may use blockchain-based technology developed by New York-based contractor Digital Asset, in which it bought a small stake in 2016.  

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