SEC embraces digital security with VERITAS

The Securities and Exchange Commission (SEC) is poised to roll out its own blockchain-based platform that allows for a more secure digital authentication of reports and other documents filed by corporations.

- By JAMES A. LOYOLA

The Commission said this is its part in ongoing efforts to harness blockchain technology to strengthen transparency and accountability in the government.

In preparation for this, the SEC issued for public comment its draft memorandum circular (MC) on Blockchain-Based Digital Signing and Authentication of SEC Documents using the SEC Verification of Electronic Records and Information Trust and Authentication System (VERITAS).

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 system is designed to record digital signing events on a decentralized ledger, ensuring immutability, time-stamping, and cryptographic verification.