Using RecordsKeeper Blockchain to store Corporate Compliances
One of the most admired features of blockchain technology, from a compliance perspective, is its practical immutability. As soon as data is saved onto the chain, it cannot be modified or removed. This is one of the major features enabling blockchain to be used for the transfer of any digital asset.
RecordsKeeper avoids pain points for financial institutions and regulators. Saving one shared permanent record on the blockchain reduces the need for duplication, which can represent tremendous savings for the entire industry. It would also expedite the regulatory review process since there would no longer be a need for reconciliation. A business unit can monitor regulatory feeds and update their records based on regulations in the RecordsKeeper blockchain. Each compliance document is either acknowledged or dismissed based on the regulations. Every approved document is stored in the RecordsKeeper ledger and can be shared and verified as required.