After seven years of failed pledges, the Australian Stock Exchange (ASX) officially scrapped its blockchain settlement plans earlier this year. It has now picked India’s Tata Consultancy Services (TCS) to overhaul its settlement service.

ASX chief information officer Tim Whiteley confirmed that the exchange selected TCS as it has a “mature product and technology” and that “the amount of customization is minimized.”

ASX, one of the top 20 global stock exchanges, has relied on the Clearing House Electronic Subregister System (CHESS) for nearly three decades. With other international exchanges moving on to digital settlement systems that are faster and more efficient, the bourse settled on a blockchain alternative in 2016 in partnership with New York-based Digital Asset Holdings.

A lot went wrong for ASX and Digital Asset. For one, the New York startup was too small to take on such a Herculean task, and co-founder Yuval Rooz admitted as much in 2022.

ASX’s approach was also to blame. The bourse wanted a complete overhaul of its system rather than gradually shifting its operations in time to accommodate any mishaps. Ultimately, the exchange wrote down close to $155 million on the project, attracting calls for the board to step down and an investigation by the country’s parliament and the securities regulator.

While the project’s failure reflected poorly on the blockchain, it’s worth noting that the technology didn’t fail—it was the execution by the two entities that ultimately let them down.

ASX has learned its lesson. This time, it’s executing the changes in stages over several years, with Whiteley revealing that the exchange expects to complete the overhaul in 2029.

Securities watchdog Australian Securities and Investment Commission (ASIC), which launched an investigation into the blockchain blow-up, supports ASX’s decision but says “there is still a long way to go to deliver a Chess replacement.”

“It will be critical for ASX to now focus on engaging with the market on the detailed design of the Chess replacement program with a realistic and achievable timeline for implementation,” commented Joe Longo, the ASIC chair.