Thread by @TrungHieuD

🚨 SPECULATION AHEAD - DYOR!🚨

@TheFCA started the Digital Regulatory Reporting (DRR) in 2017. You can find more details here:

fca.org.uk/digital-regula…

Pilot Phase I participants:
Barclays
Nationwide
Credit Suisse
NatWest
Santander
Lloyds Banking Group

The Pilot 1 Report is a MUST read for those interested in #UK #blockchain and #smartcontracts.

All sections of the report are interesting, but I found section 5 and 6 to be most interesting. Here are a few things that stood out to me:

bit.ly/2EH0HZS

Directly translating regulation into machine executable code:
- expressing the logic of regulation in code written in a
general‑purpose programming language like Java, C++ or Python.
- A combination of subject matter experts and
engineers coded the logic of the regulation in JS.

-The code was then executed as a smart contract on the DLT network (the distribution method chosen by pilot participants to share the regulatory logic with the industry).

The pilot identified several limitations on the process for producing machine executable code from

regulation:

-None of the options explored have yet proven they can be scaled up.
-Both the content of the regulation and how it is presented create challenges.
-There is no obvious answer to what is the most efficient process to generate code from natural language regulation.

The goal of the next phase of work is to close the gaps this pilot identified:
-The goal of this workstream is to understand if the data model can be extended across multiple groups of products
-The pilot phase did not rigorously test the approaches for efficiently developing

machine executable logic. The team will focus their efforts on testing three options that were not examined during the first phase of work.
-This workstream will focus on undertaking a feasibility study of DRR implementation in the industry. The team will carry out an initial

cost benefit analysis to sketch out the business case for delivering DRR.

Pilot Phase II (February 2019 – present)

Pilot phase II participants:
Financial Conduct Authority
Bank of England
Barclays
Credit Suisse
HSBC
NatWest
Santander
Lloyds Banking Group

Could one of these companies be building a use case using @stratisplatform tech?👀

@TheFCA has a regulatory sandbox. More info can be found here: bit.ly/2PRpnFz

"We are now open for applications to cohort 6 until 31 December 2019."

Could the partner be in cohort 6?

Lloyd's of London(not associated with Lloyds Banking) is another possibility for @stratisplatform partnership because they are assembling technology partners for Futures at Llloyds Phase 1 of BluePrint One:

futureat.lloyds.com/blueprint-one/…

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