Australian Securities Exchange delays blockchain transition by 6 months

The Australian Securities Exchange (ASX) has announced its plan to switch to blockchain has been delayed by six months.

As reported by The Sydney Morning Herald, the ASX will not complete its transition to blockchain technology as early as planned, despite announcing it would replace its registry, settlement and clearing systems in order to save customers’ money.

Instead, the time will reportedly be devoted to further user development and testing.

The launch was originally planned for Q2 2020, but has now been pushed to early 2021, once testing has been completed.

Last month it was revealed that IBM, Herbert Smith Freehills and Data61 would work together to create Australia’s National Blockchain (ANB), which would be used by the country’s businesses.

“Blockchain will be to transactions what the internet was to communication – what starts as a tool for sharing information becomes transformational once adoption is widespread,” said IBM Global Business Services head Paul Hutchison. “The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”

The Australian Reserve Bank, however, is not the biggest fan of crypto despite the country’s favourable stance on its underlying technology.

Speaking in June, head of payments policy for the bank called the success of Bitcoin in December 2017 a “speculative frenzy”, and said crypto has “no intrinsic value,” is slow, and cannot scale.