We’ve had a busy few months here at Blockchain Rookies! As well as events closer to home, founder Troy Norcross has been going global with Blockchain education. Earlier this week, Troy touched down after a trip to Mumbai, having only recently returned from Hong Kong and Tokyo.
Troy has been visiting the international offices of a UK high street bank, talking all things Blockchain with compliance teams. These are the people responsible for ensuring their company operates in accordance with regulations. For UK banks, this means they must be careful not to breach the rules of the Bank of England, Financial Conduct Authority and Prudential Regulation Authority. Generally, these rules cover issues such as avoiding money laundering, adhering to tax rules and treating customers fairly.
As well as making sure their company doesn’t breach regulation, it’s the role of compliance teams to make sure they behave in accordance with any internal rules and utilises best practices from the industry. Essentially, it is their job to police the company, and with such an economic impact if things go wrong, it’s a tough job!
That’s where Blockchain comes in.
Blockchain has only emerged in the last decade, so it’s still very early days, but we’re already aware of its huge potential. The finance industry, in particular, is an area where Blockchain is expected to shake things up and Troy has been educating compliance teams on the possibilities. Even in its infancy, the technology could help compliance teams to meet their requirements more quickly and easily. It has wider possibilities across the finance industry, from verifying identity to reducing costs.
Really, we’re still figuring out just what Blockchain could do, but by guiding banks in the capabilities, we’re helping them stay ahead of the curve and preparing them for the future.
If you would like Troy to explain Blockchain to you or your team, call 020 3287 3788 or check out our courses.