ASX drops plan to replace CHESS with blockchain, writes off $250M AUD

Re:ASX drops plan to replace CHESS with blockchain, writes o... by AttakBanana on Thursday November 17, 2022 @05:06AM (#33636922)

> Accenture highlighted governance flaws on both the ASX and delivery partner sides, including “inefficiencies in the delivery lifecycle through to testing, with siloed execution and reporting resulting in misaligned views of status on delivery progress, risks and issues.”

Sounds like the problem was mismanagement. Let's not blame crypto for everything.

I'm not saying blockchain was the answer to their problems, but it could have been a sub $10M mistake if not for the terrible management.

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Re:ASX drops plan to replace CHESS with blockchain, writes o... by shitcoder on Thursday November 17, 2022 @05:33AM (#33637105)

I'm glad I found this on the thread at least.

Here's the Accenture report in full published by ASX: https://www2.asx.com.au/content/dam/asx/markets/clearing-and...

They failed to architect the project properly by trying to run everything on the blockchain smart contracts instead of leveraging something off chain. Similarly there was mismanagement from DA (the developers) and ASX with no clear goal of what the end product looked like or how progress was being made.

Accenture even call out that a blockchain solution might not have been the best one considering the ASX centrally settles trades anyway.

The pdf is a good read into the technical and management failings of the project

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Re:ASX drops plan to replace CHESS with blockchain, writes o... by urthor on Thursday November 17, 2022 @06:13AM (#33637368)

The issue is, this was one of the only major Blockchain projects in the world that wasn't... suspect.

Much harder to convince anyone to do Blockchain work now. It's a blow to Blockchain's reputation.

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