The turbulence in the overall cryptocurrency sector following FTX’s collapse this month is well-known. What’s gotten less attention, though, are the failure of projects that attempted to use the underlying crypto ledger technology in private, corporate settings, the once-hyped ecosystem known collectively as enterprise blockchain.
This week, TradeLens, a blockchain system built by software firm IBM and closely linked to shipping giant Maersk, announced it was shutting down, citing a lack of commercial traction. Some two weeks ago, the Australian Securities Exchange (ASX) said it was scrapping a much-delayed blockchain announced in 2016 that was meant to replace the clearing and settlement system that powers that equities market.
Neither IBM nor ASX responded to requests for comment by press time.
(by Ian Allison)
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