The ability for regulators to spot hacks directly on the blockchain may be easier said than done, a study for Germany's BaFin has found. jackschickler reports
– as long as regulators learn how to use them properly. But the study suggests it may take some changes to working practices.
“In the field of crypto custody, it is quite possible to collect and automatically process public ledger data such as blockchain data,” said the report, which was written by researchers at the University of Innsbruck in Austria and published Tuesday. And the highly formulaic nature of the information makes it easy to process.
“Even data that is not collected from the supervised entities, but rather from public sources, can add value for IT supervision,” the researchers added, meaning regulators can spot cyberattacks directly rather than waiting for routine reporting. But the resources needed to maintain and interpret the information stream is high, it noted – requiring a small team of officials working round the clock. Coping with that kind of workload could require BaFin to work with other German regulators such as the BSI, which is responsible for cybersecurity, or the finance ministry, the report said.
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