Today, any country that wants to stay competitive in today’s world must invest in Blockchain technology. And it is that, blockchains are already recognized today as one of the most important technologies. Allowing companies, governments and organizations to strongly improve the efficiency of their processes. However, investments do not always go as desired, which is confirmed now that Australia is delaying its Blockchain-based payments system.
Blockchain technology in government
A few years ago it was difficult to see a meaning for Blockchain technology at the government level. And it is that, during the first years of Bitcoin’s existence, blockchains were seen as a mechanism that allows the creation of cryptocurrencies and little else. Therefore, it seemed impossible for governments to take advantage of their capacities to improve their processes.
However, over the years it has become obvious the fundamental role that Blockchain can play in the daily activities of governments and companies. Either allowing greater transparency in their activities. Registering all the movements carried out by their leaders, and making them available to the public. Or increasing the security of the data handled by the countries.
This has opened the door for governments and companies to start working on the development of financial solutions based on Blockchain. Which range from government virtual currencies to platforms for making electronic payments. The latter being the objective of the Australian Securities Exchange with its own Blockchain payment system.
Australia paralyzes its project
Thus, the Australian Securities Exchanges (ASX) has been working on the creation of its own system for the execution of payments. It has the trade name CHESS, and will be based on Blockchain technology. However, its development has been interrupted by the changes brought about by the Coronavirus crisis.
The pandemic had already led to a rethinking of the launch date proposed by ASX for CHESS, due to the increase in the number of financial transactions carried out on the platform and which had to be handled. The new date was set for April 2022, before suffering a further one-year delay that would leave the estimated launch date for April 2023. In this regard, ASX CEO Dominic Stevens stated:
«ASX has listened to the industry, regulators, and its technology partners on this project. It is clear that COVID-19 continues to impact the entire industry, including ASX, and this has evolved what our stakeholders want from the CHESS payment system (…) Consequently, we have increased the scope of the project and extended the time frame. The result is a program that provides a significantly improved CHESS replacement solution from Day 1 ″.
This of course represents a blow to the Blockchain industry in Australia. Well, the implementation of CHESS could have meant a significant leap in the adoption of blockchains in the Australian business world. Only now can it be expected that ASX will not subject the project to further delays.