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Blockchain for RegTech and financial services

Posted on 16 April 2019. Source: LexisNexis

LexisNexis interviewed Charlotte Wilson, Managing Associate in the Financial Services team at Mishcon de Reya, and Tom Grogan, Co-Lead of Mishcon's Blockchain Group, on blockchain technology and potential use cases in the RegTech space.

In the interview, Charlotte and Tom consider some of the possible applications for blockchain technology in the financial services sector, how Brexit might influence the technology's adoption in the short term, and some of the challenges and risks which lawyers working in the space should be aware of. Their view is that blockchain technology promises to be a central pillar of an imminent technical revolution in the financial services sector, alongside other emerging technologies such as machine learning and big data analytics. 

Highlights include:

  • a simplified worked example of the multiple entries currently required for a bank transfer under legacy banking systems, along with an explanation as to how a distributed ledger technology such as blockchain might simplify the process;
  • examples of how blockchain technology is already being used within financial services and RegTech, including by some of the FCA's latest cohort of exciting regulatory sandbox companies; and
  • the assertion that lawyers will need to develop different technical skills and knowledge to keep pace with new innovations and products, while also maintaining expertise in their chosen fields.

The full article can be accessed here (subscription required).

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