Blockchain is a technology that almost by definition means security, but that doesn’t mean those developing blockchain technologies should overlook compliance regulations. As companies and startups launch ICOs and begin building out their own blockchain initiatives, information security becomes an absolute necessity. Investors have already begun to expect it from any ICO.
In these early stages of blockchain adoption, accountability and security are major priorities even in the early stages as the mainstream public begins to form their opinions on the emerging technology. Faith and trust in blockchain ecosystems depend on blockchain startups and ICOs adhering to compliance regulations which is why services such as Practical Assurance exists.
Imagine promoting a technology defined as secure, transparent, and accountable, and then being the target of hackers and losing your investors funds or information? Such catastrophes create setbacks for the entire blockchain ecosystem, making information security an issue for entire organizations and not just their security teams.
Blockchain startups in particular are at increased risk of such an occurrence with smaller in-house security teams often lacking even a chief security officer and limited funds, which is why acquiring the services of compliance specialists needs to be a top priority for any blockchain startup and ICO.
Services like Practical Assurance offers step by step guidance through each regulatory requirement, translating into language easy to understand with examples and the tools necessary to streamline the process. This makes it easy to achieve and maintain compliance while avoiding stress during the audit stage. They not only help startups achieve compliance, but they aid in proving compliance as well, allowing blockchain startups to show accountability.
As compliance and regulations evolve, overlap, and are redefined having such tools increases the effectiveness of security teams, reduces risk, and creates faith and trust in your company without the need to hire expensive outsourced consultants. Their services handle both the advisory and audit side of compliance differentiating themselves from other services and creating a definitive roadmap for startups to meet ICO and smart contract compliance regulations.
They are a pioneer in blockchain compliance, having developed several information security and information technology compliance frameworks that have lent legal clarity to processes involving token creation, valuation, and sale.
Maintaining compliance will ultimately aid the growth of respect and integrity in the field of blockchain and create loyal customers and investors for your startup.