Andrew Bragg, an Australian Liberal Senator, has suggested that blockchain technology can be utilized to simplify the already complicated world of financial regulatory compliance. During a recent speech, he outlined DLT’s merits if employed correctly and said that “the future is technology by blockchain.”
Blockchain To Aid Financial Regulator Compliance
The 36-year-old former accountant at Ernst & Young was elected at the 2019 federal election as the Senator for New South Wales. Speaking earlier today at the Future of Financial Services 2020 virtual conference, Bragg asserted that blockchain technology could be a game-changer in several financial sectors.
“It may well be the solution to a one-touch government with international transactions in real-time. It will eliminate our time zone problem, which has been a problem for Australia over the long run […] blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.”
Bragg noted that Australia is and has always been a “financing center.” However, it needs to keep up with emerging technologies to retain its position. As such, he outlined once more DLT and said that the “future is technology by blockchain.”
Additionally, the Senator believes that his home country needs to enhance its competitiveness in the financial sector, especially against countries like Singapore.
Blockchain Assistance In Dismantling Nuclear Warheads
Apart from potentially assisting in the financial sector, a recent report compiled by the Centre for Science and Security Studies of the King’s College London said that blockchain could also impact one of the most dangerous threats to humanity – nuclear warheads.
The CSSS argued that nations trying to reduce the risks of nuclear wars have difficulties trusting each other due to strategic and legal concerns not to reveal sensitive information.
With blockchain, though, these issues could be averted. The research indicated that the technology could enhance the trust among nations signed the Nuclear Non-Proliferation Treaty by “advancing cooperation on nuclear disarmament and arms control verification.”
Ultimately, the team that led the study concluded that if those countries employ blockchain, the technology could help them verify the dismantlement of nuclear warheads in a “safe, secure, and reliable way.”
Featured Image Courtesy of The Australian