Blockchain and digital assets are redefining many areas of business, presenting new risks and opportunities. Deloitte’s 2019 Global Blockchain Survey found that 80% of respondents believe blockchain technology is either critical or important to their organizations. Although 43% of respondents believe blockchain is still overhyped, two things are clear: the technology is gaining acceptance across many industries, and the regulatory landscape is evolving quickly to keep pace. This is particularly true in areas such as money laundering, cybersecurity, SEC and CFTC oversight, Sarbanes-Oxley compliance, taxation, and accounting rules. Most companies cannot afford to wait for the technology to settle or for regulation to fully catch up, so directors need to stay informed and receive the best available advice in order to be effective in their oversight roles.
Tim Davis is a Risk & Financial Advisory principal who focuses on serving clients in the technology, media, and telecommunication sectors. He currently oversees the firm’s relationship with a number of the largest accounts in these sectors. Davis leads Deloitte’s Global Center of Excellence for Blockchain Assurance, an initiative to drive global coordination and capability in audit and assurance approaches to the emerging digital asset and blockchain industry. The Center has developed award-winning technology solutions to auditing blockchains and is integral to developing talent and approaches to meet the needs of this growing industry.