The Australian Securities Exchange (ASX) is dropping a long-in-the-making blockchain-powered replacement for its CHESS settlement and clearing system.
The announcement caps a process subject to delays and controversy that once appeared to be an early win for enterprise adoption of distributed ledger technology. ASX announced in 2017 that it had tapped blockchain startup Digital Asset Holdings to develop the system to replace CHESS.
"The CHESS replacement capitalized software will be de-recognized in light of the solution uncertainty, resulting in a charge of $245-255 million pre-tax ($172-179 million after tax) in 1H23. This will have no impact on dividends," ASX said.
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