The Australian Stock Exchange (ASX) Has Delayed The Transition To The Technology Of The Blockchain For Six Months

The Australian Stock Exchange (ASX) has delayed the transition to blockchain technology for a period of six months to dedicate more time to its developing and testing.

The Australian Stock Exchange (ASX) said a year ago that it will substitute its registry, accounting and clearing system with blockchain technology to reduce expences for customers.

The decision to replace the Clearing House Electronic Subregister System  (CHESS) on the main Australian exchange was made after two years of testing the technology of a distributed ledger, also known as blockchain.

This step will make the Australian Stock Exchange one of the largest major financial markets for the use of a relatively new accounting system, best known as the technology underlying the Bitcoin cryptocurrency. Blockchain is common, verifiable and permanent data record that is supported by a network of computers.

The operator of the markets said on Tuesday that he will postpone the launch date from the fourth quarter of 2020 to March-April 2021. The Australian Stock Exchange (ASX) decided to postpone industry testing for six months, and also extended mandatory accreditation for the same period.