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Newhampshire News Online


May 10
01:35 2019

Industry expert OpenAurum group recently held a Securities token roundtable in London, UK. Participants included representatives from reputable accounting firms, commodities industries, and members of the blockchain community to discuss blockchain technology and asset development trends in a 3 hour in-depth discussion. The Department of Business, Energy and Industrial Strategy (BEIS) also sent a representative to attend this conference to gain more insights on the Securities token trend. In the meeting, CEO of the OpenAurum Group Martin Sal Khalid called for the British government and industries to intensify cooperation and jointly explore the potentials of the blockchain in the field of asset token securitization.

The biggest difficulty in Cryptocurrency and digital assets is that accountants do not know how to categorize which asset class the different tokens belong to. When calculating the fair value using existing accounting standard IFRS, it is often impossible to audit the financial records for these “intangible assets”.

PricewaterhouseCoopers (PwC) audit technology and innovation partner, Peggy Gondo, believes that blockchain can improve audit efficiency after ensuring the accuracy of the information on the chain. By combining the results of the blockchain output with the real world data, transactions will be deemed is correct and complete.

Szafran, president of the British Blockchain Society, pointed out that blockchain technology is disruptive innovation. “There will be around 1 billion blockchain individuals and corporations within a span of 7 years. We should start to embrace technology that solves business value.”

Chairman of this roundtable, Martin Sal. Khalid said that many people still believe that the tokens generated by the blockchain are similar to currencies. Tokens are actually a more general pledge from the issuers. He added that blockchain technology backed by physical assets give value to the securities tokens compared to standard “virtual” currencies.

Fernando Santiago, who leads the blockchain research department of Big Innovation Center, a large UK analyst firm, believes that this roundtable symbolizes another important milestone for the UK blockchain industry. He said, “This is a very crucial moment for the UK, and it can influence our future leadership, to help us remain competitive on a global scale.”

According to the All-Party Parliamentary Group on Blockchain (APPG Blockchain) survey, the UK Blockchain industry has 225 companies, 180 investment firms, and 20 technology centers in the UK. Whereas a small number of companies have begun to apply the blockchain in the tokenisation of real businesses. Open Aurum Group is the trailblazer in this and the other companies are looking at emulating the success of the OpenAurum tokens.

Media Contact
Company Name: Aurum Asset Management Ltd
Contact Person: Nicodemo Lowell
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Country: United Kingdom