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Blockchain – More Than Just Bitcoin | Blockchain and Compliance

The effective application of Blockchain technology can drastically reduce the time, cost, and effort that financial institutions spend on regulatory reporting while also improving the quality, accuracy, and confidence of this process. For more details about blockchain compliance visit this link - https://www.shieldfc.com/resources/blog/blockchain-and-regulatory-compliance-a-match-made-in-heavenor-is-the-honeymoon-over/

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Blockchain – More Than Just Bitcoin | Blockchain and Compliance

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  1. BLOCKCHAIN AND REGULATORY COMPLIANCE Yoseph Elkaim Whereascryptocurrencymay havecreatedthe environmentunderwhich Blockchaintechnologywas introduced, bynomeansare thesetwotechnologies codependent. Rather, Blockchainisabyproductof people’sinherentinterestin streamliningtransactionsand notstrictlylimitedto cryptocurrency. Andwhilethe Blockchainisshiftingthe transactionallandscape, it’s alsopoisedtodisruptthe financialservicesindustry. Source: https://www.shieldfc.com/

  2. BLOCKCHAIN – MORE THAN JUST BITCOIN Assoonasdataissavedintoa Blockchain, itcan’tbe changedordeletedexceptas allowedbythechain’s validationalgorithm. This makesBlockchainparticularly attractivetousersasamethod forthetransferofanydigital asset, butthisisn’tlimitedto justbitcoinsorotherdigital currencies. NewBlockchain applicationsareshifting financialservicesmarketsin yet-unknownways. Butthe factremainsthatcompetingin theevolvinglandscapeof globalfinancemeansmaking surethatyouroperationsdon’t becomeoutdated. BLOCKCHAIN AND COMPLIANCE Globally, businessesspendabout $436billioneach yearoncompliance. AndwithnewRiskand Compliancerules, includingKYC (knowyour customer) andAML (anti-moneylaundering), seeminglybeingdevelopedeveryday, it’sno surprisethatI’moftenaskedabouthow companiescangetaleg-upontheincreasingly complexregulatoryenvironment.

  3. BLOCKCHAIN AND REGULATORS Blockchaintechnologiescanimproveprivate regulatorycompliance, buttheBlockchaincanalso helpregulators. ThisispossiblebecauseBlockchain lendsitselftotheimprovementofcompliance processes, asitcanbeusedtohelpcompliance officerskeeptrackofthestepsrequiredbycomplex regulations. BLOCKCHAIN IS NO SILVER BULLET FinancialinstitutionsconsideringtheBlockchain mustbalancethepotentialcostsagainstthe knownrisks, whichincludesinherentchallenges forinternalauditors, including: TechnicalCompetencyIssues. Blockchainisnew, and mostITauditdepartmentssimplydon’thavethe relevantexperiencenecessarytorunthesesystems. BlockchainisUntested. Itwasinventedwithinthe firsttenyearsaftertheturnofthemillennium, whereasmanyreliableenterprisesoftware applicationshavebeenunderdevelopmentfor decades Non-TransferrableControlMethodology. Forthemost part, theprocessesthathavegovernedbestpractices ininternalandexternalauditsareexchangeable. Attheendoftheday, implementinganynew technologycanberisky, butleadersintheevolving globalfinancialservicesmarketplacemustthinkout oftheboxifthey’regoingtocompeteeffectively. Source: https://www.shieldfc.com/

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