Blockchain-Based Filing System in the Works
Delaware is known as one of the business incorporation capitals of the country and now has new regulatory plans in the works. In October of this year, Delaware plans to launch a proof-of-concept for a blockchain-based business filing system that will allow corporations to take advantage of smart contract technology to automatically track collateral assets such as stocks in real time. Doing so will provide lenders and borrowers with a much more efficient and accurate record with which to transact business and adhere to regulations.
IBM will head the technology construction project. With a potential cascade of regulations facing the blockchain industry, its worth recognizing that Delaware has chosen to take a modern approach to the development of its future business registration model, using the technology that underlies one of the most controversial asset classes around these days: cryptocurrency.