The Use Case
Regulatory reporting in financial institutions is currently a key operational challenge. The level of data mainpulation takes a lot of effort for the organisation, and is prone to errors. A blockchain reporting solution could provide the ansver to these challenges. Coupled with analytics to cleanse the data, the different systems could feed into one blockchain. This blockchain would be an immutable data store, which has the potential to produce reports written into a rules engine in a smart contract.
How It Could Work
Each quarter Niamh is put under huge presure around the reporting period, gathering large amounts of data and manipulating it in Excel. Once the report is submited, the regulator may take a number of days before replying, if at all. A blockchain solution would significantly improve on the current system. Acting as a central, immutable database, it will allow employees to easily produce regulatory reports. The regulator could also have access to this blockchain, providing them with a real time view of transactions.