Three things to know
This week brought many interesting and relevant blockchain insights. So many, that narrowing the week to three things was challenging. The fact is, there are many things to know this week, so keep on scrolling through the stories.
The focus this week is on government and regulation. Announcements from around the globe and right here in Chicago demonstrate that governments are among the leaders in utilizing blockchain. The last piece focuses on the blockchain capabilities of providing regulatory compliance at lowered costs and increased effectiveness.
Beginning in Dubai, an announcement was made that by 2020 all government documents will be on blockchain. This effort is part of Dubai’s plan to be a “global leader in blockchain tech”. Among the goals of the plan are increasing efficiencies in a number of areas, including banking, healthcare, and real estate. They also expect significant private sector opportunities to result as well. The development is expected to enable easier cross-border travel for visitors with pre-approved identification and pre-authenticated digital wallets.
From Dubai to right here in Chicago, blockchain development by government continues. This week, the Cook County Recorder’s Office announced it will begin transferring property titles and other public records to blockchain. This is relevant because the Cook County office is the second largest of its kind in the nation. The office identified three primary benefits: cybersecurity, paperless land transfers, and lower costs. The results will be delivered in March 2017.
Now we turn from government use of blockchain to an insightful view of how blockchains will be used by companies to meet government regulations. The article begins with the views of Peter Randall, CEO of SETL, which he offered at Sibos. Among the views of Mr. Randall is the belief that blockchains should have KYC and AML* as “native capabilities”. This view was corroborated by the director of policy at the Financial Conduct Authority, a U.K. regulator. An additional view was offered by David Rutter, CEO of R3. He states that he expects regulatory transactions to occur in the cloud, which regulators could access and confirm compliance through smart contracts.
Once again, we have another full week of blockchain developments. While these all demonstrate the growing interest and use of blockchain, non-financial sectors are also exploring blockchain. Among them, healthcare, industrial, and…wait for it…adult entertainment.
Dubai Wants All Government Documents on Blockchain by 2020
Chicago’s Cook County to Test Bitcoin Blockchain-Based Public Records
Blockchains Can Support Regulation at Reduced Costs
*Full disclosure, Red Chalk Group is actively developing blockchain KYC/AML use cases and technical architecture for multiple segments of financial services.
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