Australia regulation by blockchain

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The Australian Securities and Investments Commission (ASIC), the Australian Securities and Investments Commission, is working to regulate markets through the blockchain.

In its Data Strategy 2017-20, which is entitled “How we want to capture, share and use data”, the ASIC presents how the future acquisition and processing of data is presented. A blockchain-based approach seems to play a central role. Thus, the paper mentions “regulatory nodes”, which are intended to play a role in receiving and acquiring data. This is to be done with the use of distributed Ledger technology.

Even if this section does not deal with details of this kind of data acquisition, the potential of Blockchain and DLT is indirectly emphasized.

This meant that the blockchain as a decentralized network should be used to fill the databases of the regulator with material. With the optimal utilization of the network and absolute participation of the nodes, a complete and complete data register could thus be created in the theory from which the authority can draw.

The Data Strategy is part of the One ASIC initiative, which is designed to make the functioning of the regulatory authority more efficient. This is also explained in this paper.