A report on Blockchain in the context of Fintech and RegTech need to be written. The company
Question:
A report on Blockchain in the context of Fintech and RegTech need to be written.
The company wants to use blockchain for three purposes
1. As a mechanism for secure digital transactions and smart contracts
2. As a way of managing digital identities
3. To offer clients the chance to invest in cryptocurrencies
however, the executives are not sure of all of the benefits of these applications or possible ethical, legal and privacy issues.
Please explain what blockchain is, explain these uses (applications) and how it will benefit yourself and the company auditors in a report.
The report should be written as below:
1. Introduce the idea of blockchain and its applications in general.
2.Briefly explain the applications that we are focussing on here (1,2 & 3 above, i.e. secure digital transactions and smart contracts, digital IDs and investment in cryptocurrencies).
3.There have been dramatic fluctuations in cryptocurrency prices with current values a fraction of what they were 12 months ago. What are your views on the future of cryptocurrencies? What are their pros and cons?
4.Describe the benefit blockchain can offer auditors and compliance officers and subsequent positive impact on the organisation.
5. Assess possible ethical and privacy implications of the applications at the financial institution at which you are imagining that you work. The impact could be on staff and/or customers.
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston