“ The interesting case with Blockchain is that it actually changes the model of trust. It proposes to remove the central authorities depending on the type of Blockchain solutions and organization such as regulators, they need to face the emergence of new models based on Blockchain. ”
— Michal Piechocki, CEO and Chairman, Business Reporting Advisory Group (BR-AG)
BR-AG work with the governments, tax authorities or for the ministry of finance or business registration authorities. Since there is a vast group of regulatory bodies, it’s about building trust in these financial ecosystems. It is about building certain consensus between the regulations, the policies, data requirements, and the technology to advance this buildup of trust. The primary challenge is to overcome the factors that basically destroy the trust.
IBM Blockchain changes the model of trust. It facilitates the mechanism of trust in an algorithm rather than the trust in an institution. The organization such as regulators face the emergence of new models based on Blockchain.