Romanian regulator announced successful blockchain testing for the needs of the department – Bits Media

Romania financial supervision management (ASF) began to use blockchain technology for "more effective interaction with market participants".

ASF reported, that the technology has been successfully tested and will now help the department accelerate the workers processes, Reducing the time for processing a large amount of data, which are usually processed manually. Besides, blockchain will provide more reliable protection of corporate data and reports, Officials believe. The department is believed, that the blockchain allows you to transparently track transactions, increases the level of confidence in their participants and helps to comply with regulatory requirements.

The management is ready to revise your attitude to digital technologies after the successful introduction of the blockchain to improve the interaction between its own departments and with other state bodies.

“ASF digitalization acceleration is one of our main tasks. In the XXI century, it is difficult to work effectively without the use of the latest technologies, It is difficult to quickly respond to market needs and citizens. This will benefit participants in the financial market and consumers ", - says ASF President Nick Mark (Nicu Marcu).

Blockchain potential is studied not only by state bodies. Banks are interested in interest, private organizations and large financial companies. Last year, the Spanish Exchange Holding Bolsas Y Mercados Españoles (BME) announced successful testing of the system based on the Ethereum blockchain to finance small and medium -sized enterprises.