COSO to Release Guidance on Blockchain: for Businesses Aiming to Deploy Tech

The Treadway Commission’s Committee of Sponsoring Organizations (COSO) plans to release blockchain guidelines to companies seeking to implement the technology.

As revealed by the Wall Street Journal on Dec 27, COSO, effort to counter corporate fraud, is working on blockchain guidelines. To give businesses a better understanding of software and seeks to incorporate it into their internal processes. In the first quarter of 2020, COSO expects to release guidance.

Improving supply chains

The guidance specifically targets financial services and business executives who use blockchain to boost their supply chains. COSO Chairman Paul Sobel said he needs to make sure they were got it properly controlled. It’s because when they published ledgers, it’s a very different view of the world. It’s not something that own system holds.

COSO’s guidance is geared to help companies set up internal controls and manage enterprise-wide risks. According to Sobel, the organization hopes that its frameworks will push executives. And board members to start a dialogue about what their oversight responsibilities are.

Projections on blockchain adoption

A November analysis by Juniper Research revealed that blockchain technology. In conjunction with sensors and trackers on the Internet of Things, it would greatly reduce retailers ‘ costs by streamlining supply chains. While simplifying regulatory compliance, providing more efficient food alert, and tackling fraud.

That same month, news broke the calculated by the industry’s patent applications. China handily outperformed other countries in blockchain technology, including the United States. At the time, about 12,000 blockchain-related patent applications were submitted jointly. By the U.S., China, Japan, South Korea, and Germany through 2018. While China is responsible for more than 60% of the total of five countries. A study by American market intelligence firm IDC projected that China’s spending on blockchain technology will exceed $2 billion in 2023.


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