ASX commissioned Accenture to check the late delivery of the blockchain system
ASX commissioned Accenture to check the late delivery of the blockchain system
- The stock exchange was faced with several delays in their DLT implementation for several years
- Further development is required to meet the "requirements for scalability and resilience" of the ASX, it said
The Australian Securities Exchange (ASX) announced on Tuesday that it will be delayed again by the introduction of a blockchain replacement for your aging settlement system by at least two years, and has commissioned the IT advisory giant Accenture to check the status of the project.
The ASX CHess replacement project, which is to replace the decades-old system for accounting and approval on its platform, is now expected at least until the end of 2024, said ASX in an explanation.
This is another setback for the stock exchange, which had to accept several delays over at least three years to create plans to implement a distributed ledger-based replacement.
The implementation of a blockchain or distributed-Ledger-based system would mark Australia as one of the first countries in the world that introduces the technology for a traditional exchange.
Large securities exchanges, including the Nasdaq, the Japan Exchange Group and the London Stock Exchange, also check options for implementing blockchain technology for the processing and release of order books.
Technical implementation and introduction of technology has proven to be a challenge in Australia. ASX said that both themselves and the application software provider Digital Asset had found that more development was required than previously expected to meet the "requirements for scalability and resistance" of the stock exchange.
These requirements have contributed to continuing delays in the delivery of the last technical components, according to the stock exchange.
great hopes for DLT
Helen Lofouse, which Dominic Stevens replaced at the beginning of August as Managing Director and CEO of ASX, expressed their support for the replacement project and initiated an independent review to evaluate the remaining results, said ASX.
It is expected that the IT service and consulting company Accenture, based in Dublin, will carry out the review of the new CHess application in order to identify the defects of the system.
"Several consulting companies have been rated," said a spokesman for ASX Blockworks by email. "Accenture has been selected because it has the latest and most relevant specialist knowledge and the current skills with DAML and Distributed-Ledger technology (DLT)." Daml is a private, scalable smart contract language for DLT, blockchain and databases.
The spokesman also announced that ASX Ernst & Young, another IT advisory company, commissioned the service description for the review to "ensure that appropriate governance has been taken".
The review of Accenture is intended to identify the necessary measures for ASX in order to communicate a revised schedule for the precise conclusion of the project, according to the stock exchange.
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The contribution ASX Taps Accenture to Review Delayed Delivery of Blockchain System is not a financial advice.