• Latest
DTCC Calls on Banks and Regulators to Help Address Blockchain Security Issues

DTCC Calls on Banks and Regulators to Help Address Blockchain Security Issues

February 13, 2020
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

DTCC Calls on Banks and Regulators to Help Address Blockchain Security Issues

coinnewsdaily by coinnewsdaily
February 13, 2020
in Tech
0
DTCC Calls on Banks and Regulators to Help Address Blockchain Security Issues
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

The Depository Trust & Clearing Corporation (DTCC) wants the financial sector to form a consortium alongside regulators to reduce risks associated with blockchain.

In a white paper published Wednesday, the New York-based post-trade financial services firm said participants in the financial sector should work to establish a set of “agreed-upon standards” that could address some of the security concerns surrounding the tech.

“In light of the speed of digital transformation within the financial services sector, DTCC calls for a coordinated strategy for the development of a principles-based framework to identify and address DLT specific security risks,” reads the whitepaper.

The industry consortium can more effectively identify best practices and develop baseline security procedures, the whitepaper reads. To improve its effectiveness, DTCC says standardization “requires collaboration from professional organizations, the financial services sector, and its regulators.”

DTCC has been planning on integrating blockchain into its own operations for the past couple of years. But Wednesday’s white paper argues some of the associated risks have not been adequately addressed and could leave traditional players totally unprepared.

Addressing these risks will allow firms to more easily identify potential security risks, the white paper reads. Greater security standardization may also improve overall understanding and user confidence in the technology, as well as foster greater collaboration.

By including regulators in the creation of the framework, the firm argues, will ensure alignment with future legislation that can also be a better safeguard for industry participants as well as customers.

DTCC is the world’s largest trade repository, holding data for more than four-fifths of the global derivatives market. Its central role has helped standardize basic practices in traditional markets such as introducing a cost basis information framework – determining the original value of an asset for tax purposes – in equities clearing.

Although there have been some previous attempts to introduce standardized blockchain security practices, DTCC argues it can “leverage our unique role within the financial services sector” to begin developing a comprehensive framework that can be used by all industry participants.

DTCC has already begun the process of standardizing a new blockchain-based financial system. It effectively called on participants to adopt its guidelines, published in March 2019, for the post-trade processing of tokenized securities.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

Bitcoin Lender BlockFi Raises $30M in Series B Led by Peter Thiel’s Valar Ventures

Next Post

Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

Here's How to Inspect Bitcoin's Next (Likely) Major Upgrade Yourself

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,952.000.79%
  • ethereumEthereum(ETH)$1,634.790.58%
  • tetherTether(USDT)$1.000.18%
  • binancecoinBNB(BNB)$328.541.49%
  • rippleXRP(XRP)$0.396724-0.90%
  • cardanoCardano(ADA)$0.387964-0.98%
  • dogecoinDogecoin(DOGE)$0.091072-1.34%
  • matic-networkPolygon(MATIC)$1.223.13%
  • okbOKB(OKB)$43.84-1.15%
  • solanaSolana(SOL)$23.270.40%
  • shiba-inuShiba Inu(SHIB)$0.000014-3.19%
  • polkadotPolkadot(DOT)$6.66-0.22%
  • litecoinLitecoin(LTC)$98.973.18%
  • tronTRON(TRX)$0.0643971.83%
  • daiDai(DAI)$1.000.05%
  • cosmosCosmos Hub(ATOM)$14.561.93%
  • chainlinkChainlink(LINK)$6.95-0.20%
  • leo-tokenLEO Token(LEO)$3.36-6.06%
  • ethereum-classicEthereum Classic(ETC)$22.48-0.31%
  • moneroMonero(XMR)$167.330.94%
  • bitcoin-cashBitcoin Cash(BCH)$132.960.22%
  • stellarStellar(XLM)$0.089811-0.71%
  • crypto-com-chainCronos(CRO)$0.0805040.05%
  • filecoinFilecoin(FIL)$5.301.11%
  • algorandAlgorand(ALGO)$0.2623361.56%
  • vechainVeChain(VET)$0.0242161.59%
  • internet-computerInternet Computer(ICP)$5.590.95%
  • aaveAave(AAVE)$87.001.84%
  • eosEOS(EOS)$1.07-0.86%
  • theta-tokenTheta Network(THETA)$1.144.99%
  • elrond-erd-2MultiversX(EGLD)$45.582.73%
  • tezosTezos(XTZ)$1.160.11%
  • paxos-standardPax Dollar(USDP)$0.990.01%
  • huobi-tokenHuobi(HT)$5.510.69%
  • havvenSynthetix Network(SNX)$2.8111.25%
  • bitcoin-cash-svBitcoin SV(BSV)$42.64-3.00%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.503.66%
  • dashDash(DASH)$63.373.45%
  • iotaIOTA(MIOTA)$0.242384-0.78%
  • makerMaker(MKR)$713.584.02%
  • neoNEO(NEO)$8.851.00%
  • zcashZcash(ZEC)$44.411.70%
  • zilliqaZilliqa(ZIL)$0.0293922.80%
  • basic-attention-tokenBasic Attention(BAT)$0.278510-1.51%
  • compound-governance-tokenCompound(COMP)$54.033.38%
  • nemNEM(XEM)$0.0410480.58%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$35.58-0.30%
  • bitcoin-goldBitcoin Gold(BTG)$17.130.12%
  • qtumQtum(QTUM)$2.840.56%
  • sushiSushi(SUSHI)$1.473.44%
  • wavesWaves(WAVES)$2.743.60%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,654.381.36%
  • golemGolem(GLM)$0.250012-4.55%
  • omisegoOMG Network(OMG)$1.67-0.83%
  • ontologyOntology(ONT)$0.231091-0.42%
  • digibyteDigiByte(DGB)$0.0109945.50%
  • umaUMA(UMA)$2.112.32%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%