BLOCKCHAIN CONSULTING TO RESOLVE COMPLIANCE AND REGULATORY ISSUES OF TOMORROW One of the most exciting features of blockchain in compliance and regulatory is its practical immutability. Once a data is saved on blockchain, it cannot be modified or deleted. It is this immutability feature of blockchain that lends itself to the application of proof-of-process for regulatory and compliance. Immutable records on blockchain would create an audit trail for the regulators to verify compliance by a business. Regulators will have near real-time access to the data that can be analyzed in real time. This will result in improved quality, accuracy and confidence in the process by all the stake holders. Know Your Customer (KYC) and Anti Money Laundering (AML) are the prime regulatory fields where blockchain could play a significant role. This is specifically of significant importance for the banks and other financial institutions as there are important rules about the data collection, validation, confirmation and verification before onboarding a client. Automated regulation and compliance procedure KYC documentation often requires repetitive tasks of entering name, date of birth, qualification, etc. All this could take months to complete as banks often have a wide customer base. Many of the steps of KYC and AML regulations can be eliminated if the data is stored in a secure and tamper-resistant blockchain. Any change in the data of particular customer will immediately be distributed to all the participants of the private, permission based blockchain run by a business. As blockchain itself will serve as the proof-of-process, all changes to the database would be traceable and regulators could be confident of the authenticity of the database information. As all the information is securely saved on the blockchain, digital identity management becomes easier for an organization. In a blockchain enabled trustless system, the organizations wouldn’t hesitate to share the sensitive financial and other data of the customers with each other. Embedding rules into smart contracts
Smart contracts would further add to the veracity of the process as they execute in an automated manner upon the meeting of certain set preconditions. The appeal of smart contracts is immense, as they can replace many functions currently executed by inefficient intermediaries. Of the many processes that could be improved by blockchain technology, KYC, AML, regulatory & compliance, and financial crime prevention are just apt for early converts. Streamlining and onboarding the blockchain is necessary to meet the regulatory and compliance requirements of tomorrow. To create an ecosystem for your business for blockchain integration, you need to have access to suitable use cases, talent to deliver and compliance blockchain consulting. For the regtech solutions to work, it is important to obtain regulatory blockchain consulting to better address the possibilities of tomorrow. Blockchain compliance and regulatory consulting services Group50 is a leading compliance blockchain consulting that offers specialized blockchain solutions to the businesses that are in need of blockchain integration for their compliance and regulatory needs. With Group50’s regulatory blockchain consulting, businesses can get custom solutions developed for them that would allow them to reduce costs and improve oversight with the resilience of blockchain. This well received blockchain consulting has helped many businesses in regulatory and compliance, healthcare, automotive and other industries improve their bottom line with its proprietary Scioebc permission based blockchain. Contact Groru50 to for blockchain implementation for your compliance and regulatory needs.