ASX taps IT consulting giant to review progress on delayed transition to blockchain
Accenture Review
Modified Date:- Published Date:-Categories: Cryptocurrency
ASX taps IT consulting giant to review progress on delayed transition to blockchain
The Australian Securities Exchange's blockchain replacement for the clearing system CHESS (Clearing House Electronic Sub-Register System) has been delayed for the fifth time, with technical advisor Accenture conducting an independent review. The latest delay comes less than six months after the fourth setback in March was imposed on software-maker Digital Asset (DAM), a New York-based firm.
At that point the upgrade had already cost a rumoured A$187million since DAM began development of the project in late 2017. The CHESS replacement underwent initial testing in December 2021, with the clearing and settlement system at that point set to go live in 2023.
ASX has now revised that prediction to late 2024 “at the earliest”, with a more specific date to be determined following Accenture’s review, which is expected to take 12 weeks and will be released publicly.
The review will closely examine the CHESS application software provided by Digital Asset, although the blockchain platform and other infrastructure provided by VMware that underpins the CHESS replacement system will not be included in the review. Curiously, Accenture is an investor in the digital asset, which violates the stated purpose of the review – which is an independent set of eyes. On the other hand, both sides must be seen working together to make the review a success.
ISS will undertake a review of the CHESS application software provided by Digital Asset Holdings Inc. (DAH) to evaluate the progress made in utilising blockchain technology as a replacement for its CHESS platform, as well as explore the value of such technology to other enterprises within Accenture.