SEC adopting blockchain for corporate filings

The Securities and Exchange Commission is planning to roll out its own blockchain-based platform that enables a more secure digital authentication of reports and other documents filed by corporations.

- By RICHMOND MERCURIO

The commission has issued for public comment a draft memorandum circular on blockchain-based digital signing and authentication of SEC documents using its verification of electronic records and information trust and authentication system.

VERITAS is a digital signature platform that will enable the transacting public to securely sign and authenticate SEC-related documents with the use of public-key cryptography.

The SEC said the system is designed to record digital signing events on a decentralized ledger, ensuring immutability, timestamping and cryptographic verification.

“By integrating blockchain-based digital signing and authentication into our processes, we aim to strengthen the integrity and reliability of reports and documents submitted by corporations to the commission by making them immutable, permanent and indestructible,” SEC chairperson Francis Lim said.