The business case for blockchain is often bigger than one organisation, says ASX CIO

Developing a business case for blockchain is inherently more challenging than other technology projects, because the cumulative value of the distributed network technology is often broader than one individual organisation.

That’s the view of Dan Chesterman, CIO of the ASX, which is currently replacing its aging Clearing House Electronic Subregister System (CHESS) with a blockchain solution.

During a Q&A session at Gartner Symposium on the Gold Coast yesterday, David Furlonger, distinguished VP Analyst Gartner, cited a lack of a viable business case as a key challenge for advancing blockchain proofs of concept to “full blown deployment and development”.

Chesterman said there is a much harder piece, which involves “building the rules of the network” and coordinating the required investments across a number of different parties.

“One of the challenges for blockchain as a technology is it inherently requires collaboration, and the business case may not be in the four walls of any one organisation. The investments and benefits are in the broader market — and people don’t always want to share that,” he said.

He described a “serendipitous sequence of events” that allowed the exchange to adopt DLT technology — it had a specific use case and knew replacing CHESS would require significant change.

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Source: The business case for blockchain is often bigger than one organisation, says ASX CIO – Which-50