TechTalk Blog - Securities Regulators Urge Caution on Regulating Blockchain Technology Till It Reaches Optimization

By David Colgren posted 04-28-2016 11:40 AM

  

 

Interesting story in Reuters today about how EU Regulators are backing-off regulating BLOCKCHAIN for NOW. Late last month Christopher Giancarlo, a member of the U.S. Commodity Futures Trading Commission (CFTC), said that regulators should "DO NO HARM" and allow blockchain to flourish.

In December, 2015 International Organization of Securities Commissions (IOSCO) Secretary General David Wright said that BLOCKCHAIN could revolutionize market-data transfers and in February 2016, International Securities Regulators voted to commit to undertake further study into the impact of blockchain technologies on the global capital markets.

For those management accountants that want to know more about Blockchain – according to Wikipedia provides this information:

Block chain or blockchain is a distributed database that maintains a continuously-growing list of transaction records hardened against tampering and revision. It consists of data structure blocks—which hold exclusively data in initial blockchain implementations and both data and programs in some of the more recent implementations—with each block holding batches of individual transactions and the results of any blockchain executables. Each block contains a timestamp and information linking it to a previous block.

The block chain is seen as the main technical innovation of bitcoin,where it serves as the public ledger of all bitcoin transactions.[1] Bitcoin is peer-to-peer, every user is allowed to connect to the network, send new transactions to it, verify transactions, and create new blocks, which is why it is called permissionless. This original design has been the inspiration for other cryptocurrencies and distributed databases."

 

 




#ORACLE #PWC #Event #Treasury #News #XBRL #IMA #AccountingTechnology #CFTC #SAP #Apple #Accounting #Reuters #SEC #managementaccountant #risk #Corporategovernance #CIO #IMB #OCC #Bitcoin #Blockchain #BigData #nonfinancial #FDIC #IOSCO #DistributedLedger #FSCDems #EU #Transparency #HotTopic #Securities #Internalauditor #Forensic #Bloomberg #cfo #Compliance #CMA
0 comments
223 views

Permalink