As we’ve discussed in the beginning of the quarter, Blockchain is a huge innovative technology in the fintech space. It has potential to be one of the most innovative technologies since the development of the internet and it’s potential is rapidly growing. $1.3 billion was invested into the technology in the past three years alone with over 90 companies looking to expand on this innovative ledger space. The intriguing aspect about this space to me is that although it appears in some ways as if this type of technology would aid in the reduction of fraudulent behaviors in banking transactions, it still fosters many opportunities to commit fraud. Through research on the individual and team assignments, it has become clear how evident fraud is in this space. With this, the article points out how regulations have to evolve with the technology. As this sector grows and becomes more widely used, regulations around the use and implementations will also have to grow. Reactive regulations will not be sufficient, governing bodies need to start coming up with regulations soon.
http://www.jdsupra.com/legalnews/blockchains-offer-revolutionary-71791/