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FCA's Makoto Seta: 'Blockchains will transform the way regulators work'

FCA's Makoto Seta: 'Blockchains will transform the way regulators work' | cross pond high tech | Scoop.it

Blockchain technology will transform the way regulators work, according to a member of the wholesale markets team at the Financial Conduct Authority, which is known to support the idea of "RegTech".

Makoto Seta, a senior associate from the trading conduct and settlement policy division at the FCA, was part of a panel hosted by Norton Rose Fulbright at its Unlocking the Blockchain session.


Seta said: "Might the blockchain transform the way the regulators work? I absolutely agree with that. I think there are a lot of benefits to be harnessed from distributed ledger, in terms of traceability and tracking, that makes it easier for us.

"I think regulators do now perceive this to be important; the degree of importance will probably differ between regulators. We look very seriously at it and have been doing that for some time now, looking at the technology and how it's been used. I think the issue that we have is, trying to sort of marry up the technical codes and how that interacts with the legal codes."

Philippe J DEWOST's insight:

A very novative (and inspiring) approach by the FCA combining how regulation applies to #Blockchain tech AND how such decentralized consensus could also apply to making regulation more effective.

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Dao Cong Binh's curator insight, January 31, 3:39 AM

Cầu nâng, máy năn khung càng AT09, máy súc rửa kim phun,  MÁY VỆ SINH BUỒNG ĐỐT

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Viewing Where the Internet Goes - A very interesting NY Times story featuring @vgcerf

Viewing Where the Internet Goes - A very interesting NY Times story featuring @vgcerf | cross pond high tech | Scoop.it

while the Internet’s global capability to connect anyone with anything has affected every nook and cranny of modern life — with politics, education, espionage, war, civil liberties, entertainment, sex, science, finance and manufacturing all transformed — its growth increasingly presents paradoxes.

 

It was, for example, the Internet’s global reach that made classified documents available to Mr. Snowden — and made it so easy for him to distribute them to news organizations.

Philippe J DEWOST's insight:

Interesting quote from Vint Cerf : "

Everything has expanded by a factor of a million since we turned it on in 1973. The number of machines on the network, the speeds of the network, the kind of memory capacity that’s available, it’s all 10 to the sixth.

I would say that there aren’t too many systems that have been designed that can handle a millionfold scaling without completely collapsing. But that doesn’t mean that it will continue to work that way.

"

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