The Australian Stock Exchange has abandoned the blockchain that has been developed for more than seven years to use traditional technology for business.

CTOnews.com May 22, according to Reuters, the Australian Stock Exchange (Australian Stock Exchange,ASX), which originally planned to move to the blockchain platform, announced that it had abandoned the blockchain project, which had been developed for more than seven years, and said it would prefer traditional technology in the future.

The project director of the Australian Stock Exchange said at a meeting in May this year that future system reconstruction will be more traditional than focusing on distributed books or blockchains, and that even though ASE will still explore all the options, it is clear that more traditional technologies are needed to achieve business results.

CTOnews.com Inquiry learned that the Australian Stock Exchange announced in February 2015 that it would replace or upgrade its primary and back-end trading platforms, when it saw the potential of distributed ledger technology (Distributed Ledger Technology,DLT) and worked with Digital Asset to develop ASX-related blockchain solutions.

Although the blockchain-based platform has been delayed many times, and the Australian Stock Exchange announced in May last year that it had started testing 96% of the blockchain software, when ASX hired Accenture to review the platform, it found that only 63% of the platform had actually been delivered, and the quality of the software was worrying, and nearly half of the code had to be rewritten, so the Australian Stock Exchange announced the suspension of the project as early as November last year. It is pointed out that the related products themselves are too complex, and they are also worried about the later maintenance and expansion capacity, and it is not easy to find technical support.