Blockchain analytics technology will be used by the Department of Financial Services (DFS), to strengthen sanctions against Russia. The goal is to find out if Russians are trying to avoid the imposed sanctions.
Blockchain Technology Helps Monitor Sanction Enforcement
The Department of Financial Services oversees many key programs and initiatives in the monetary sector. It will also expand its outreach to Russian citizens due to the ongoing conflict in Ukraine.
A recent statement by the DFS stated that blockchain technology will be used to verify that financial sanctions against Russia have been properly executed. It will also monitor whether certain individuals are seeking a way to circumvent embargoes.
Adrienne Harris, the agency’s Superintendent, predicted that bad actors would try to avoid sanctions by sending digital currencies. She stated that it was crucial to be able to monitor exposure and transactions in real-time.
Harris stated that the DFS would coordinate its operations and work with other state regulators. The exec stated that their combined efforts must “ensure that the full weight of our regulatory system is used in the fight against Ukraine.”
Kathy Hochul, Governor of New York State, spoke on the subject. According to Hochul, New Yorkers are watching the situation in Ukraine with “fear, outage” and will continue to impose sanctions on Russia in response to “unwarranted attacks.”
Blockchain Technology in Previous Crisis
Before the conflict between Russia, Ukraine, all eyes were focused on the COVID-19 epidemic. The global health crisis was rapidly spreading in 2020 and 2021. However, vaccination campaigns helped to reduce its impact. Bad actors took advantage of the opportunity to smuggle medicine and compromise the program.
Zuellig Pharma, an Asia-based medical service company, developed a blockchain platform earlier this year to improve its vaccine tracking system and prevent any accidents in this area. The technology was integrated and the data became instantly auditable, allowing for instant results without the need for intermediaries.
Daniel Laverick, Vice President at Zuellig Pharma, noted that blockchain technology allowed users to verify authenticity and route of vaccines.
“Patients are able to scan the 2D matrix of product packaging to verify key information such as expiry date, temperature and provenance using its app powered by Blockchain.”
Marla Brooks – Financial Analysis
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