Developing a regulatory compliance program requires time, resources and expertise, nevertheless, in preparation, regulators are increasingly focused on understanding potential uses of blockchain technology and considering related legal issues, also, from managing smart contracts to validating money transfers, expect to see many common uses of the technology.
And blockchain solutions are also enabling a higher level of accountability and ability to measure the real impact of policies, blockchain is a technology that allows people and organizations to reach agreement on and permanently record transactions and information in a transparent way without a central authority, by the same token, technology has transformed business processes and created a wealth of data that can be leveraged by accountants and auditors with the requisite mindset.
Therefore, blockchain technology has made it difficult for the financial organization to comply with the regulation which requires the monitoring of individual financial deals. Also, cryptocurrencies promise to replace trusted organizations with distributed ledger technology.
Interest in blockchain appears to be providing an avenue for the true scaling of real-world collaboration, by embracing decentralized technology, encrypted security and peer-to-peer networking technology, the emergence of blockchain technology has seen a rapid growth of interest in the financial sector, with particular attention being paid to its application to international financial markets. For the most part, each of it is by itself already intriguing and applying blockchain technology to improve regulatory technology makes it even more interesting.
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