March 30, 2024

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Australian Securities Exchange blockchain delayed again • The Register

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One particular of the world’s most outstanding and mission–critical makes use of of the blockchain – The Australian Securities Exchange’s (ASX) project to swap its CHESS main investing techniques with a distributed ledger – has struck additional trouble.

As The Sign-up has previously noted, the job commenced in 2017 but saw its go-reside day pushed again from 2021 to April 2023, just before the ASX warned that deadline would very likely be missed.

Yesterday the bourse unveiled “we do not anticipate that the go-stay date for new CHESS could be in advance of late 2024.”

A statement [PDF] attributed the hold off to investigation that uncovered “extra advancement is demanded than beforehand expected to meet up with ASX’s scalability and resilience necessities for the application. This is contributing to delays to the delivery of the remaining complex components of the software.”

The ASX has labored with an outfit named Electronic Asset – a purveyor of the good-contract language DAML – on the challenge.

The assertion reveals that Electronic Asset’s function will be independently reviewed by Accenture, and “The review will also detect needed steps for ASX to connect a revised timetable to finish the project.”

An update [PDF] despatched to ASX stakeholders indicates that the organization’s leadership thinks “a new established of eyes” is essential to reassess the project.

That impression arrives from Helen Lofthouse, who commenced perform as CEO and controlling director at the ASX on August 1.

The stakeholder letter also reveals that job testing planned for September 2022 has been postponed.

The Sign up understands that the present edition of CHESS is a COBOL application working on hardware driven by Intel’s defunct Itanium architecture.

The planned model of CHESS employs the VMware Blockchain – a preference The Sign up understands was created for the reason that it can be a good distributed ledger and simply because the company’s knowledge in packaging and publishing purposes created it suitable for the application’s architecture of marketplace participants getting capable to operate their have CHESS nodes. The Sign up understands that Virtzilla’s wares are not the supply of the CHESS replacement’s challenges.

The ASX’s 2017 choice to adopt blockchain was seen as a daring wager on the engineering, and a person that advocates hoped could provide a evidence of strategy that distributed ledgers could carry out at scale in a extremely delicate purpose.

With no go-stay working day in sight, and the venture seemingly in considerable difficulty, it could have grow to be a cautionary tale. ®

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