Blockchain-Based Compliance

Blockchain-Based Compliance: Financial Sector’s Dream or Nightmare?

There is a plethora of articles praising the impending advent of blockchain-based regulatory compliance as a new standard for the financial services industry, expounding how the distributed ledger will save tons of time, money and effort to businesses and watchdogs alike.

Beyond any doubt, there are numerous benefits to blockchain technology being used in the regulatory compliance realm.

It will fetch watchdogs’ real-time regulatory oversight, proof of process and immutable records, making it easier to avert fraud and deception. If we take the notorious Bernie Madoff’s Ponzi scheme as an example, the $20 billion damage to investors would have been avoided had a clear – and immutable – record of immutable facts and figures been in place.

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