blockchain based compliance management system · reconciliation the forefront 4. what, why and how...
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Blockchain Based Compliance Management System
Ashish Jadhav
Vice President – Reliance Jio Infocomm Limited
Certified Blockchain Developer and Expert
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Agenda
1. Compliance organizational structure
2. Traditional compliance management process
3. Reconciliation the forefront
4. What, why and how blockchain for compliance management
5. Blockchain application in compliance management
6. Blockchain system design
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1. Compliance Organizational Structure
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Compliance Organizational Structure
co
mp
liance c
ertific
ate
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2. Traditional Compliance Management Process
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Traditional Compliance Management Process
1. The current compliance process varies quite a bit among the counterparties and
entities involved as all don’t use the same process or technology.
2. Due to various sources of data there are chances for mismatch, missing
information and timely available of complete data.
3. To safeguard the integrity of data throughout an organization, the end-to-end
workflow of data transformation, complex integrations, customized reconciliation
processes is a activity high on the agenda within the industry.
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3. Reconciliation the Forefront
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Reconciliation the Forefront of Regulatory Compliance Procedures
How can firms ensure quality data is being captured and reported?
How can firms Reduce the risk of regulatory scrutiny as a result of erroneous data?
How to protect data integrity across all compliance lifecycle stages?
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4. What, Why and How Blockchain for Compliance Management ?
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Blockchain Technology
Source: comptia.org
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Blockchain Concept
Blockchain technology is based on the following concepts-
1. Hashing
2. Digital Signature
3. Block in a Blockchain with mining process
4. A Chain of Blocks
5. A Distributed Chain of Blocks
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Blockchain advantage over Traditional Technology
1. Trustless
2. Confidentiality
3. Fault tolerance
4. Availability
5. Verifiability & Auditability
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5. Blockchain Application in Compliance Management
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Blockchain Application in Compliance Management
Blockchain Unlocks Huge Benefits Of Reconciliation
• Using Blockchain, the participants can work in real time on shared common datasets.
Regulatory Compliance Record Management
• Enabling secure compliance management & offer better visibility to regulators with lesser efforts.
Regulatory Governance Improvement
• Create auditable records of any action of users/applications/servers with provenance & non-repudiation.
Regulatory Data Security
• Most secure system for maintaining and sharing critical & sensitive data internally & externally
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Regulatory Compliance Record Management
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Regulatory Governance Audit History
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6. How did we Implement the blockchain system design for compliance platform?
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Blockchain System Design
1. Deployment of private blockchains
2. Permissioned Blockchain at the network level
3. “Handshaking” process
4. Data Streams
5. Native Assets
6. Mining and Block Signatures
7. Blockchain Explorer
8. JSON RPC API’s
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System Flow
P2P NW
Distributed
CDNS
JSON RPC
API’s
Distributed
StorageJSON RPC API’s
Chain API’s & Libraries
Compliance Application
Share
Storing
Verify
Use The Blockchain API's to integrate with your
compliance application
API to Verify the
authenticity &
integrity of the
records
API for record
management
Share the verification ID
with external users
Blockchain network
Data Streams
Chain API’s & Libraries
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Thank You
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https://www.linkedin.com/in/ashish-jadhav-2364082/