ASF tests blockchain technology to improve collection and reporting of data and information

The Financial Supervisory Authority (ASF) conducted a pilot project to test blockchain technology in order to improve work processes and reduce the volume of data and information processed manually, in interaction with capital market entities.

Following this project, it was found that the existing reporting and data collection processes at the level of the institution can be successfully improved, digitized and secured using blockchain technology. The IT solution aims at reforming the way of working within the ASF., the strategic reinvention of the internal processes of the institution, as well as the significant efficiency of the collaboration and inter-institutional communication.

“Accelerating the digitization process at the level of the activity of the Financial Supervisory Authority is one of the major objectives of the institution. In the 21st century, we can no longer be efficient and respond promptly to the needs of the market and the citizenry if we do not use technology in everything we do every day. Digitization substantially improves work processes and brings quantifiable benefits to non-bank financial market entities and consumers,” said Nicu Marcu, President of the Financial Supervisory Authority.

Blockchain technology has been highlighted in recent years by a number of technical and conceptual benefits that are proving to have a major impact in terms of governing the interaction of users and organizations with software products and the security of the data they operate.

The potential benefits of the blockchain relate to improving the transparency and traceability of transactions, increasing the level of trust of participants in a particular market, strengthening compliance with regulations, but also reducing transaction costs between the parties, by eliminating the need to have supporting documents. of paper. At the same time, this technology enhances data immutability and security and works as a prevention tool. Because of these features, blockchain technology could promote responsible business behaviour.