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IFCERT Release the Guideline of Blockchain Compliance, Exploring Blockchain-based Regtech

3 August, BeijingIFCERT, the National Committee of experts on the Internet financial security technology, has released the Guideline of Blockchain Compliance 2017 along with the municipal government of Gangzhou City and Xinhuanet Holding Company.

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The Guideline consists of four sections:

  • the overview of blockchain technology,
  • the necessity of the compliance of blockchain projects,
  • the guidance of the compliance,
  • the summary and the prospect.

The first part of the “blockchain overview” describes the definition of blockchain technology, key components, categorization and potential application scenarios.

The second part is ” the necessity of blockchain compliance” , which describes the development of blockchain technology, development of application status and important issues.
The Guideline also points out some deficiencies of blockchain development: the bottleneck of blockchain structure, scalability and performance needs to be removed. Issues like how to verify the basic protocol, how to improve the basic services and how to execute inter-blockchain inter-operations remains to be resolved. The information security issue in blockchain technology and security protection requires further enhancement. It’s still difficult to materialize practical applications. Pseudo-blockchain applications are growing wildly.

In terms of business, the mature business applications of blockchain are mainly in the form of digital currency. Lack of self-discipline, illegal operation and foul play are quite normal in the industry. Meanwhile, a large number of altcoins are going viral. Some enterprises even operate pyramid scheme, fraud, illegal fund-raising and other criminal activities in the name of blockchain technology and digital currency. Some digital currency trading platform are loose on listing new coins without adequate disclosure of information or even not disclosed. Some exchanges are not strictly following the AML/KYC rules, facilitating criminal activities.

The third part of the Guideline presents compliance research and standards from three aspects.
Firstly, the blockchain bottom-layer technical could be standardized, including the password mechanism, private ey management, consensus mechanism, smart contract, inter-operation and access control. These standards can better serve as the cornerstone of safe, stable and reliable operation of blockchain network. Secondly, blockchain-related business operation could be standardized, including information disclosure, identity authentication, investor protection, anti-money laundering, regulatory compliance, network information security etc. Thirdly, blockchain-based regulatory technology could be explored to improve regulatory performance.
Full text download:http://8btc.com/doc-view-1402.html

COMMENTS(2)

  • hl5460
    2 months ago hl5460

    IFCERT Release the Guideline of Blockchain Compliance, Exploring Blockchain-based Regtech3 August, Beijing–IFCERT, the National Committee of experts on the Internet financial security technology, has released the Guideline of Blockchain Compliance 2017 along with the municipal government of Gangzhou City and Xinhuanet Holding Company.http://news.8btc.com/ifcert-release-the-guideline-of-blockchain-compliance-exploring-blockchain-based-regtech

  • BitcoinAllBot
    2 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

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