Reinventing RegTech with Blockchain Technology

Driven by a growing demand for a more sophisticated regulatory environment, Regulatory Technology, or RegTech, is the smart use of technology to solve regulatory challenges and conflicts. Regulatory compliance efforts have become an important part of the financial services industry.

Some of the important characteristics of RegTech include agility, speed, integration, and analytics. However, its current formidable challenges are lack of resources, lack of budget, tactical and operational barriers, and difficulties regarding manual processes.

Due to the multifaceted nature and force of administrative changes, RegTech arrangements must be adaptable and effectively coordinated. A well-structured arrangement can help an organization achieve greater compliance consistency.

RegTech arrangements are usually cloud-based, providing the capacity to remotely monitor, backup and secure information. The degree of deftness enabled by cloud-based arrangements guarantees a significant level of security, control and consistency of information management.

The technology can save time on routine tasks, giving organizations the opportunity to invest more resources in income-producing exercises.

RegTech also addresses underlying issues in the complex regulatory environment with a quicker, more transparent and cost-effective…