Australian Stock Exchange postpones blockchain system launching

Australian Stock Exchange postpones blockchain system launching

Blockchain registration, transactions and settlements system should be postponed for 2022 due to pandemic and need for adjustments

Australian Stock Exchange postpones blockchain system launching

By Editorial Staff

The Australian Securities Exchange (ASX), the Australian stock exchange, has postponed the launch of blockchain technology in its registration, transactions and settlements (CHESS) system for at least a year.

The change aims to improve the system with blockchain-added efficiency, such as faster transactions, improved security, and reduced costs.

The start-up of the new system was initially scheduled for the end of this year, then postponed to 2021, as the implementation of the blockchain required more time for development and user testing.

On June 30, the ASX reported that the launch was postponed to April 2022.

Blockchain in Australia impacted by Covid-19

Among the reasons for the change in the schedule would be the impacts of the covid-19 pandemic and the need to accommodate the changes requested by stakeholders, providing a greater window of opportunity for the development of the system.

Several countries are considering the use of blockchain in government systems. The Brazilian government, for example, evaluates some projects.

In the context of digital government, blockchain technology has the potential to facilitate direct interactions among public institutions, citizens and economic agents. At the most basic level, this implies improved public services in the registration and exchange of information and processes.