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Review Papers | Regulatory Affairs | India | Volume 13 Issue 4, April 2024
Streamlining Regulatory Processes with Blockchain Technology: Case Studies and Best Practices
Jijo Shaji Varughese
Abstract: This article explores the capacity of blockchain technology to simplify regulatory procedures, utilising examples and successful methods from different sectors. The paper provides a thorough comprehension of how blockchain technology might improve regulatory efficiency, transparency, and accountability by analysing practical implementations and drawing insights from past experiences. The essay commences by presenting a comprehensive outline of blockchain technology and its distinctive attributes, encompassing smart contracts, consensus methods, and cryptographic hashing. Subsequently, the text delves into the difficulties and advantages of incorporating blockchain technology for regulatory objectives, emphasising its capacity to offer immediate and transparent access to information, safeguard data exchange, and streamline compliance verification. The case studies are provided as examples to demonstrate the tangible uses of blockchain technology in regulatory procedures. Notable examples of blockchain - based systems include Walmart and IBM's supply chain management system, which focuses on ensuring food safety and traceability. J. P. Morgan's Quorum platform is designed to enhance regulatory compliance in the financial services sector. MediLedger's blockchain network aims to improve regulatory compliance and supply chain transparency in the pharmaceutical industry. Lastly, Bernstein has developed a blockchain - based patent system to streamline the patent registration and enforcement process. The essay also presents recommended methods for incorporating blockchain technology into regulatory procedures, highlighting the significance of cooperation and agreement formation, uniformity and compatibility, confidentiality and protection of data, and adherence to regulatory standards and supervision. The essay recognises the obstacles and constraints associated with blockchain technology, such as scalability and performance concerns, the ever - changing legal and regulatory frameworks, and the requirement for technical expertise and infrastructure.
Keywords: blockchain technology, regulatory efficiency, compliance verification, smart contracts, data protection
Edition: Volume 13 Issue 4, April 2024,
Pages: 1020 - 1025