In its interactions with capital market organizations, the Financial Supervisory Authority (ASF) initiated a pilot project to evaluate blockchain technology to optimize work processes and minimize the amount of data and information handled manually.
After this experiment, it was discovered that current reporting and data gathering procedures at the institutional level might be effectively upgraded, digitized, and protected by utilizing blockchain technology. The IT solution intends to transform the way people operate at the ASF, including the strategic reinvention of the institution’s internal procedures and considerable efficiency gains in cooperation and inter-institutional communication.
“Accelerating the digitization process at the level of the activity of the Financial Supervisory Authority is one of the major objectives of the institution. In the 21st century, we can no longer be efficient and respond promptly to the needs of the market and the citizenry if we do not use technology in everything we do every day. Digitization substantially improves work processes and brings quantifiable benefits to non-bank financial market entities and consumers,” stated Nicu Marcu, President of the Financial Supervisory Authority.
In recent years, blockchain technology has been emphasized by some technical and conceptual advantages that are proving to have a significant influence on how consumers and companies engage with software products and the security of the data they handle.
The blockchain’s potential advantages include boosting transaction transparency and traceability, raising market participants’ confidence, strengthening regulatory compliance, and lowering transaction costs between parties by removing the need for supporting papers. Simultaneously, this technology improves data immutability and security and acts as a preventative measure. For these traits, blockchain technology has the potential to encourage ethical corporate practices.