Blockchain Not Ready For The Big Time In War On Fraud
Law360, London (March 27, 2019, 11:05 PM GMT) -- Financial services companies are looking to blockchain as the solution to a problem — how to store information securely to prevent fraud — but supporters of the technology may be overestimating how quickly it will overcome regulatory hurdles to help compliance departments.
Developers have promoted the ability of blockchain to create records that cannot be edited as a tool for cracking down on corruption within businesses, which are vulnerable to inefficient and outdated compliance methods. Regulators are willing to fine companies that do not get fraud prevention right, as Swiss bank UBS AG found to its cost in February.
The immutable nature of the distributed...
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