On Monday, November 14, 2016, the Securities and Exchange Commission (SEC) hosted a forum to discuss financial technology (FinTech) innovation in the financial services industry. The summit discussed several topics, but the second panel, titled “Impact of Recent Innovation on Trading, Settlement, and Clearance Activities,” specifically addressed blockchain-enabled distributed ledger technology and its applicability in corporate environments. The panel provided an opportunity for the SEC to highlight blockchain’s potential for assisting companies in meeting compliance requirements, cutting costs with respect to record keeping and tracking assets, and disintermediating transactions.
Corporations have begun to seriously examine the opportunities made available by blockchain-enabled distributed ledger technology beyond digital currency, in areas ranging from financial services and retail supply chains to art and music. Unlike Bitcoin, where the blockchain provides a transfer mechanism and ledger for the intangible currency, digital ledger technology also may provide a distributed, often a privately managed system of records for a wide variety of transactions.
Continue Reading Leveraging the Blockchain to Provide an Unalterable, Distributed Ledger for Transactions, Supply Chains and Other Corporate Processes