It was supposed to be a game changer, the great step forward in the use of blockchain technology that would elevate it from a clever but nebulous idea to the heart of real-world financial markets.
After two years of study, the Australian Securities Exchange appointed a company in 2017 called Digital Asset Holdings to build a distributed-ledger system to replace the ASX’s 25-year-old clearing and settlement systems, called Chess (Clearing House Electronic Subregister System).
Five years on, plenty of examples of blockchain technology exist in stock exchanges – at Deutsche Börse, for example, or Switzerland’s SIX Digital Exchange – but back then it was seen as highly ambitious and attempting something on a greater scale of complexity than either of those examples.
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