Legal supervision on blockchain technology in the global sphere - part 5

Ken Becher

Sep 30, 2021

Second, strengthen the standardization of industry self-discipline organizations. In the financial field, such as payment and settlement, supply chain finance and securities insurance, it is very important to establish corresponding industry self-discipline and regulation associations. The reason why blockchain can attract numerous fans is that it can avoid the procedural burden and transaction costs of traditional laws, and achieve efficient and reliable interpersonal and social cooperation. Self-regulation has strong flexibility advantages, and these associations are the communication bridge between enterprises and corresponding government regulatory authorities.

Through self-discipline and standardized management, on the one hand, relevant government personnel can clarify the application status of blockchain technology in the corresponding industry. On the other hand, through the supervision of their own behavior, financial regulatory authorities and corresponding government agencies can rationally view blockchain technology, so as to avoid the consequences of "no supervision will make it disordered, but carry out supervision will make it aborted" in emerging industries.

Third, in the process of smart contract specification and corresponding technical specification, the access standards of specific financial industries, such as personnel restrictions, capital restrictions and basic laws and regulations, should be standardized into the blockchain program through initial coding. It is necessary to pay attention to the security risks of the blockchain, not only in the technical field, but also strengthen the learning and training of professionals and blockchain technical talents in related industries. Only with a full understanding of the industry can we better supervise and achieve benign development.

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