Sep 11, 2018
Blockchain technology stretches across a wide selection of corporate industries. This ever-evolving digital ledger chronologically and publicly records transactions, and now has anti-corruption compliance professionals asking how blockchain fits into a broader corporate compliance strategy. Tom welcomes two thought leaders from Ernst and Young: Paul Brody - Principal & Global Innovation Leader, Blockchain Technology, and Alexander Perry - Executive Director of Forensic Technology & Discover Services. Tom, Paul, and Alexander discuss the power of blockchains and how they can be effectively implemented in a compliance practice.
Consensus Algorithm - Allows you to move and track assets securely and reliably without appointing a central digital authority that controls the whole system.
While blockchain shows promising results and returns, no system is perfect. Although blockchains are mostly secure, it is still constantly being tested for weaknesses and improved upon. Public blockchain technology is evolving faster than private blockchain technology due to a higher volume of attacks on the system, which promotes a more rapid learning curve, calibration, and improvements. And there is still much to learn about this encryption technology, both about its structure as much about its wider implications and applications. As businesses and technology shift, so will the fraudsters, and no matter how useful and important blockchain technology becomes to this industry, the struggle between fraud and compliance will likely not have a perfect, one-size-fits-all technical solution.
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