The European Securities and Markets Authority (ESMA) has released a discussion paper examining the implications of Distributed Ledger Technology (DLT) when applied to securities markets, including the possible benefits, risks and challenges.
While broad based adoption in the banking industry could take as long as a decade, exchanges and certain behind the scenes players could feel the impacts of “permissioned” blockchain uptake in as little as 12-18 months.
Blockchain and other emerging technologies have the potential to improve a wide range of existing business processes. For them to work, however, they will need to be able to rely on a wide range of high quality structured data, including XBRL documents prepared by companies.
Overstock.com, an internet retailer, has announced plans to issue public stock in the US using distributed ledger technology. The implications for regulatory compliance will also be significant and will impact the business reporting supply chain as trading stocks using these technologies increasingly seems not just plausible but attractive.
It would be hard to understate the impact blockchain and the processes it supports are going to have on the financial industry and business reporting in general. Data standards like XBRL definitely have a critical role to play, which is why this topic will be a key point of discussion at our Singapore conference as well as some other upcoming events.
Join the Robert Zicklin Center for Corporate Integrity and XBRL US for this half-day forum in New York City on smart contracts, blockchain and data standards.
A few weeks ago, we talked about blockchain in the the context of “Smart Contracts”. These kinds of innovations simply won’t work without the support of structured data. This week, we noticed an opinion piece in TechCrunch Online that has some interesting things to say about the uptake of blockchain technology in the finance sector. […]
Earlier this week the BBC4 radio program “Today” hosted UK Government Chief Scientific Adviser Sir Mark Walport to talk about “blockchain” the emerging technology behind Bitcoin and other “distributed ledgers”. Also the technology behind Smart Contracts, these resemble traditional ledgers in that they track property or financial information, with the key differences being that they live […]
The Bank of Japan has begun proof-of-concept trials on its central bank digital currency (CBDC), the digital yen. Phase 1 aims to test the technical feasibility of the CBDC, and will run for one year to March 2022.
The People’s Bank of China (PBOC) has proposed a set of global rules for central bank digital currencies (CBDCs), covering how they can be used around the world as well as monitoring and information sharing.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
