The update that was planned has cost more than 170 million dollars to the Australian stock market. In a statement that was made on November 17, 2022, the Australian Stock Exchange (ASX) reported that current activities in the blockchain CHESS replacement project have stopped.
This decision was made as a result of the independent review of the technology company Accenture, which found some shortcomings with the fulfillment of all the ASX requirements.
The main national stock exchange has been working to replace its old system of electronic sub-registries used for more than 25 years, however, to achieve this migration process, more than 4 years of work had already been carried out, which were suspended. until new order.
The launch of the new project for the implementation of the blockchain system was scheduled to start in 2020, however, the project was stopped on more than one occasion due to the uncertainty generated by COVID-19, capacity reviews, and additional tests which delayed technological change.
The president of ASX admitted that there are several technological challenges, therefore the development of blockchain technology has been postponed for an indeterminate period or canceled permanently, the project is 60% complete and 170 million have been invested. of dollars.
Therefore the Australian Securities Investment Commission ASIC and the Australian Reserve Bank RBA criticized the company for failing to demonstrate proper control and planning of the project to date calling the project a resounding failure.
Token Payment Transactions Exceed 1 Trillion Globally with Click-to-Pay
All tokenized transactions are expected to exceed $1 trillion by 2026 due to the increased use of one-click payments.
A recent study carried out by Juniper Research, states that the number of tokenized payment transactions will exceed 680,000 million dollars, reaching 1 billion in 2026 in 2022, with this there would be a growth of more than 50% in the increase in transactions with tokens. In just 4 years, the main factors that influence this growth are the different alternatives or payment solutions implemented by companies with just one click, such as Click-to-Pay.
Currently, in order to encourage this type of payment, all mobile banks are updating their information systems in order to offer these services to all their customers, in addition, the most popular mass card networks in the world are implementing the massive adoption of tokenization to network level to improve different payment adoption rates.
Thanks to this report, it is possible to predict that the tokenized volume of electronic commerce for the year 2026 will achieve a growth of 74%, this is because this payment system is being liked a lot by its customers since it does not require friction or contact with the different devices. currently known to make different payments.
In the same way, thanks to this investigation, it was possible to determine that LOT payments are the promoters of the greatest growth in the tokenized market for the next 5 years, expecting that LOT transactions will reach a total of 19,000 million by 2027, a growth of more than 400% from 3,800 million in 2022.
This token system has been very liked by customers because it prevents fraud, exposing their financial data is a great fear of people, and scammers are always on the prowl to steal people’s financial data and empty customer accounts.
Thanks to the token system, each user will receive different token chains in a single transaction, making card hacking and the massive theft of user information impossible. Unlike encryption in the token network, there is no decryption key, the data The actual tokens are stored in different high-security vaults.
The main job of tokenization is to prevent fraud, if a scammer gets your phone or if they hack into a financial database, all they will get are random numbers that are not connected and cannot be used to duplicate their cards.
This process will undoubtedly help to have fast and reliable transactions, which is expected to be a boom in the coming years and to be implemented worldwide.