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Three ways blockchain can be used to establish best practice

Tom Fox | April 17, 2018

One of the most significant innovations in compliance will come through the incorporation of blockchain. There are three specific areas where I see blockchain directly impacting the compliance profession: 

1. Third parties. With blockchain,a business can maintain immutable records of its due diligence process for a specific third party or a specific regulatory review. Due diligence delays would be eliminated by providing immediate and real-time access to the data, collection of information from potential third parties, and analysis of the information. A compliance officer could then move the process forward through verification and validation.

2. Contracts (specifically around compliance terms and conditions). Blockchains certainly facilitate contracting from the compliance perspective. Through smart contracts, companies will be able to automate the compliance terms and conditions of agreements. This means that if a company develops...

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