Stefan Mileschin

Canada’s top securities watchdog has barked that open access to data is essential to developing financial tech solutions using innovative technology such as blockchain.

The Ontario Securities Commission (OSC) paper was the product of a “hackathon” it hosted in November aimed at finding new financial technology solutions to old problems such as regulatory processes, identity authentication, and transparency.

Blockchain, or distributed ledger technology, underpinned most solutions proposed at the hackathon, according to the paper. Blockchain is a tamper-proof, decentralised database.

Pat Chaukos, chief of OSC LaunchPad, a regulatory “sandbox” created last fall as part of its efforts to modernize and support innovation said that Blockchain has the potential to create solutions for problems in an open and scalable way,

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