The Securities and Exchange Board of India (SEBI) will use blockchain technology based monitoring tool to monitor financial instruments in the country.
When it comes to Blockchain then no one can deny it’s potential. All depends upon the use case of the technology and how a developer will design it. Blockchain adoption is going at tremendous level in India also. Time to time different authorities claim that they will use blockchain networks to make their working system better. Recent news is coming from the biggest authority of India which is ready to use blockchain technology.
The Securities and Exchange Board of India (SEBI) is the biggest financial authority of India, which regulates India’s securities and commodity market.
According to the press release, SEBI will soon make use of blockchain technology based monitoring tools. As per plans, they will soon launch this tool for “Security and Covenant Monitoring” of non-convertible securities using the distributed ledger technology.
SEBi expects that they will finally launch this monitoring tool to use on April 1st, 2022. Tool will exactly monitor the credit ratings of non-convertible securities and covenants, under particular consensus.
And also this tool will give authority to the debenture trustees, issuers, credit rating agencies, and others to submit the data and that data will be accessible by the authority of SEBI & stock exchanges easily.
Watch Dogs are planning to use the blockchain technology because they want a platform where data cannot be altered by anyone in any situation so that they can provide better transparency. And also they want to make this tool to save data permanently in safe mode and make it available to authorized authorities only.