According to the Wall Street Journal’s December 27 report, COSO, an organization established for combating fraud, is drafting blockchain rules to provide a better insight of the technology for enterprises that plan to incorporate it in their in-house processes. COSO anticipates to publish the rules in 1Q20.
In particular, the rules targets executives in financial services and enterprises that utilize blockchain to enhance their supply chains.
Paul Sobel, COSO chairman, stated that he aspires “to make sure that we’ve got that properly controlled because it is a very different view of the world when you have distributed ledgers. It isn’t something that is contained in your own system.”
The rules drafted by COSO are aimed at assisting firms to establish domestic controls and handle enterprise risks.
As per Sobel, the institution trusts that its infrastructure will force executives and board members to begin discussions about their surveillance tasks are.
A study conducted by Juniper Research in November indicated that blockchain technology combined with IoT (Internet of Things) sensors and trackers, will significantly minimize expenses of retailers by simplifying supply chains, while streamlining regulatory adherence, enabling efficient food recalls and managing fraud.
Again in November, news reports indicated that China is easily surpassing all other countries including the US on the basis of patents related to blockchain technology. China represented for more than 60% of the roughly 12,000 blockchain related patent applications filed in 2018 by China, Japan, South Korea, Germany and the US put together.
A research by IDC, the US based market intelligence firm, forecast that China may spend more than $2 billion on blockchain technology in 2023.