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From Enron to Wirecard: How Blockchain Tech Could Have Helped

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  • From Enron to Wirecard: How Blockchain Tech Could Have Helped

    If a global company can successfully hide billions of dollars overnight, we have a problem. If it is rigorously audited by a leading accounting firm, and regulated by one of the most thorough regulatory agencies in the world, yet still manages to cover up the disappearance of billions of dollars, then we have an even bigger problem. I am of course talking about the glaring reports that thrust the balance sheets of German-based card issuer Wirecard into the spotlight in recent weeks – uncovering some ugly truths and a culture of mistruths pertaining to financial record-keeping.

    How could a globally recognized company get away with $2.1 billion worth of fraud for so long? To put it bluntly, this is a case of a largely legitimate public-facing business fronting for shrewd money laundering operations. Hiding in plain sight, as it were.

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    If blockchain technology is used within a regulated financial system, Wirecard-esque scandals can be a thing of the past, writes BRD CEO Adam Traidman.
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