Blockchain, Financial Regulatory Reporting and Challenges

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https://www.finextra.com/blogposting/13102/blockchain-financial-regulatory-reporting-and-challenges

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Distributed ledgers and regulatory reporting: the benefits

Distributed ledger technology has the ability to take away a number of  pain points for both financial institutions and regulators. This technology offers various new opportunities when it comes to trade, post trade and related regulatory reporting.

    The distributed ledger would represent a golden source or “single source of truth” on all financial institutions’ reporting.

    With a distributed ledger, the transaction data will be readily available to the trade repositories and regulators in a unified form and there will no longer be any need for time-consuming reconciliation.

    And thanks to smart contracts the quality and transparency of reported transaction data may further increase and the reporting costs substantially reduced.