Mohini Singh, ACA, Director of Financial Reporting, CFA Institute and Campbell Pryde, President and CEO, XBRL US have published a blog on the XBRL US website demonstrating why blockchain and AI cannot replace the XBRL standard. We sometimes hear the argument that XBRL is old technology and should be replaced with technologies like blockchain or […]
The Securities and Exchange Commission (SEC) have released a framework to help clear up the confusionsurrounding buying and selling digital assets eg. initial coin offerings (ICOs) and cryptocurrencies. Yes, the market for crypto assets has crashed, but there is still a trickle of activity! Perhaps anticipating increased interest in the future, numerous regulators have published, […]
Data Amplified 2018 saw presentations demonstrating how entrepreneurs and reporting ecosystems are starting to use blockchain technology in reporting.
Dennis Knochenwefel, founder of Reportix, demonstrated the use of Inline XBRL and Blockchain to automate and enhance insurance contract management with “smart contracts” embedded into the system.
Digital technologies from blockchain to AI and big data to XBRL’s own computer-readable reporting format are transforming global business and the financial world. The world’s four largest auditors – Deloitte, Ernst & Young, KPMG and PwC – are working with 20 Taiwanese banks to test blockchain technology that provides a new way to conduct bank […]
The UK’s Financial Reporting Council Lab published a report this week that considers how blockchain technology could impact corporate reporting processes in the future. This follows an earlier report on XBRL. You can view the report here. We’ll follow up on this item in the near future.
How does government plan for the introduction and utilisation of Artificial Intelligence? Data. Without data, AI is a boat without a paddle. The United Arab Emirates is moving toward their vision of being a leader in the “Age of Artificial Intelligence” by creating a national data portal which contains open data on several major industries […]
Eight of Europe’s largest banks have taken the first steps in rolling out a new shared blockchain commerce platform – Digital Trade Chain. The joint venture’s distributed ledger framework is aiming to connect buyers, sellers, banks, and intermediaries, in order to ease domestic and cross-border commerce for European companies. Digital Trade Chain will be rebranded […]
The International Monetary Fund (IMF) has published a staff discussion note on ways that distributed ledger technology can improve the global economy. What impact might FinTech have on financial services and how should regulators respond? In its paper, the IMF sets out an economic framework for thinking through the channels that FinTech might provide solutions. […]
Last week we reported that Canada’s central bank has decided that distributed ledger technology is not ready to replace existing inter-bank payment infrastructure. Well, it’s a competitive world. Singapore’s central bank, the Monetary Authority of Singapore this week announced that it is moving forward into the second phase of it’s “Project Ubin”, after a successful initial […]
Project Jasper has been a year long experiment by the Canadian central bank to investigate whether blockchain, or DLT, could replace existing wholesale payments technology within that country’s financial system. The verdict? Not yet. For the moment, critical issues associated with privacy and scalability mean that the project won’t form the basis of interbank payments […]