One chairman at the US Commodity Futures Trading Commission (CFTC) named J. Christopher Giancarlo recently discussed the cryptocurrency news centered around regulation, highlighting the importance of distributed ledger technology (DLT) and its power of automating regulations for derivative markets.
Giancarlo spoke at the DC Fintech Week Conference at Georgetown University this Wednesday and proved that fintech is a rising industry with many new business models for finance. This high-profile financial regulator believes that DLT-powered Quantitiative Regulation, could help regulators to oversee markets in a more efficient way all while saving costs.
As he said, combined with machine learning algorithms, the blockchain-related technology can be employed to identify the segments of markets where high risks of unrecognized counterparty vulnerabilities are rising.
“We can also envision the day where rulebooks are digitized, compliance is increasingly automated or built into business operations through smart contracts, and regulatory reporting is satisfied through real-time DLT networks,. The machines here at the CFTC would have the ability to communicate regulatory requirements and consume and analyze the data that comes in through such systems.”
As he also put, CFTC is looking into an active form of regulation which can respond to real-time challenges that are posed by new technologies. In this manner, he mentioned decentralized markets and disintermediated traditional actors while referring to the challenges.
He also confirmed that the CFTC has “the ability to keep pace with those who attempt to defraud, distort, or manipulate,” and with that hinted that it may have already started building systems that will automate derivative market regulations.
According to Giancarlo, the machine learning and DLT systems could for one digitize rules and regulations and for two – consume, process and analyze data in real time.
Telecom Giant AT&T Interested In A Blockchain-Based Social Media ‘Mapping’ System
“The social media history map platforms described herein may take advantage of the immutable and permanent nature of blockchain records to store, and provide access to, data representing online transactions that occur on multiple social media applications.”According to the filing, content creators would keep the ownership of their data on the "mapping" platform:
“However, instead of passing ownership of blocks or data between users, a social media account owner maintains primary ownership of his or her online transaction data. What passes from the social media account owner to other users of the social media history map service, such as followers of the social media account owner, is a notion of elevated visibility rights.”This is just one more patent application in the series that were submitted by companies such as Xerox, American Express, IBM and others - and a new milestone for AT&T overlooking its expansion in the field of blockchain.
Binance Labs Introduces Us To The ‘First Batch’ Of (Final) Blockchain Projects
TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
“This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”One of the most interesting projects built on Tron is Seedit which is a decentralized platform that lets users contribute funds to the content creators that they most appreciate. Project Atlas is also a well-known project which incentivizes people to seed content on the BitTorrent protocol, which was acquired by Tron back in July this year.
LinkedIn’s Largest Growing Job Sector Is Blockchain Development
“It’s no surprise that we’re seeing an explosion of machine learning roles and continuing growth of data science roles. In fact, we started to see glimmers of this in last year’s report; however, both fields are starting to see more specialized roles emerge. It also may not shock you that Blockchain Developer is topping the list following this year’s surge in interest around blockchain and cryptocurrency.”The great news for all of the people interested in a career in this sector is that there are plenty of universities now that adopt blockchain-related courses which help to boost the blockchain expertise in the following years.
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