Simple Demonstration: How South African Companies Can Use Block Chain Technology

nnnStade: Strate’s department, which specializes in exploring emerging technologies, is currently conducting a simple demonstration of how South African companies can use block-chain technology in an event to introduce the convenience of trading with a chain chain, pointing out that this technology May eliminate many of the intermediaries in the business world, but also stressed that the technology to achieve a wide range of applications also need to solve a series of legal issues.n
nnTranslated by: Inan
nMost people do not want to continue to understand the word “block chain”, but this is a very simple concept that could cut thousands of jobs in South Africa’s banking, auditing, insurance and legal sectors.n
nIn an event at Norton Rose Fulbright on Wednesday night, Stano’s Fractal Solutions executive Tanya Knowles demonstrated how South African companies could use block-chain technology.n
nStrate is a central independent securities regulator in South Africa, or a legally independent supplier of post-trade products and services in financial markets.n
nIn essence, in addition to some other responsibilities, Strate is also responsible for tracking and displaying all the four securities exchanges in South Africa.n
nFractal is a division of Strate, responsible for investigating new technologies. Its creation is mainly due to the growing fear of the company with the popularity of block-chain technology, people will no longer need its “intermediary” to play a role.n
nWhat is a block chain?n
nKnowles explains that block chains can be viewed as a large digital accounting book that has been replicated thousands of times on a computer network and is regularly updated to add new deals.n
nThe technology is almost “impossible to crack” because “fake” transactions will need to be forced to change books on each computer, and legitimate transactions will be added immediately into the book and displayed to the world.n
nKnowles said that while the block chain was originally just a way of tracking Bitcoin and other digital currencies, it was currently commercially available for a variety of purposes, for example, the Johannesburg Stock Exchange (JSE) was experimenting with the technology and people began to use Block chain records diamonds around the world.n
nKnowles and its team at Strate provided a demonstration of how the business and business world can use block chains through a licensed license block chain presentation for this event.n
nFirst, each participant has received login details to access the application on the smartphone.n

nAfter the login can be used as a member of the stock listed companies to buy and sell stocks. Each participant received some “CryptoRand” as a simulated asset with others.n
nParticipants can choose a member of the list to trade, and then according to their own wishes to buy or sell any number of assets.n

nIt may take up to three days for the stock to be sold on the JSE, but it will take less than 10 minutes on the chain. In addition, because the block chain with security, people no longer need any intermediary or procedures.n
nThe application also has a built-in conferencing system, similar to the concept of having a stock of listed companies. This can be used effectively to replace the current complex AGM voting process currently used by the company so that shareholders can immediately vote on commercial bills.n

nIt also shows the transfer of security data, but not in the form of buying stocks for financial transactions, security data is the company’s vote in the meeting.n

nWhy big business is worried (and excited)n
nWhile the above examples focus primarily on finance, it should be noted that block chains can theoretically be used to transmit and transmit any data, such as bank transactions, insurer information, and confidential client information of law firms.n
nAs Banker’s Loerien Gamaroff emphasizes, this is actually the middleman in the elimination of all transactions.n
nFor the auditor and some accountants, the security of the block chain may also make its position redundant, because all the block chain transactions are easy to access, traceable and legal.n
nHowever, this is not the bad news, KPMG and Ernst u0026 Young and many other large accounting firms are roles from the accountant intermediary into a consulting firm to provide enterprises with the use of block chain technology expertise.n
nAccording to recent news, the Reserve Bank of South Africa (SARB) will also begin to regulate digital currency and block chain technology.n
nKevin Crawford, senior assistant at Norton Roche, stressed that while large enterprises have begun to accept the technology, people have been reluctant to join the field because of the lack of regulations on the technology.n
nWhile some legal practitioners around the world are discussing this topic, there is no way to decide who is responsible for the wrong trade; whether it should allow the use of block chains for all transactions; whether our current financial, insurance and securities regulations are compatible Wait.n

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