The Australian Securities Exchange has dumped its quarter of a billion dollar blockchain project for its core trading systems, announcing this morning it will bin all aspects of the CHESS replacement project which has been running around 25 years.
Its been building the blockchain solution for 7 years, but it’s waved the white flag saying its too slow, doesn’t process enough trades, and basically doesn’t work.
So it’s back to improving CHESS for now, and blockchain technology is well and truly on the shelf.
The news comes at a time when people are questioning the validity of blockchain and cryptocurrency, with the FTX Trading collapse debacle still ongoing.
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