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Australian Securities Exchange Postpones Blockchain Switch

By

Nathan

Graham

WriterETHNews.com

Apparently, more testing needs to be done before a successful switch can be made.

The Australian Securities Exchange (ASX) has delayed plans to switch to blockchain technology for equity transactions by six months, according to reporting from Reuters.

As ETHNews reported in December, ASX originally announced its intention to replace its existing Clearing House Electronic Subregister System (CHESS) for the processing of equity transactions via a blockchain platform.

The expected launch for the switch has been moved from late 2020 to sometime in March or April of 2021. According to Reuters, the decision to delay the switch comes after two years of testing different ways to use blockchain technology to improve the efficiency of processing equity transactions. Despite all the testing that has been done, ASX feels more industry-wide testing is needed to successfully make the switch.

Other Australian companies and organizations are positioning the country to be a leader in the blockchain ecosystem. In August of this year, it was reported that Australian authorities were working with IBM to build the Australian National Blockchain. And in the same month, the Commonwealth Bank of Australia announced that, thanks to a partnership with the World Bank, it was very close to settling the first public bond created and managed using blockchain technology.

Nathan Graham

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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