These legislative efforts are novel in using blockchain technology’s noteworthy public transparency and auditability functionality. Blockchains track debits and credits to accounts on a ledger, just like an ordinary accounting system, but in a real-time, transparent, and immutable fashion. The existence of any asset that resides on a public blockchain, whether a tokenized security or a digital commodity, is verifiable by customers and regulators. This is not the case for off-chain transactions, which don’t commit digital asset transactions to the appropriate blockchain. Instead, records of off-chain transactions are stored in the trading platform’s internal systems and not recorded on the blockchain. As a result, customers rely on the internal recordkeeping of unregistered trading platforms to track their record of ownership.

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• Source: https://www.coindesk.com/consensus-magazine/2024/03/25/how-to-improve-transparency-and-public-trust-in-crypto-markets/?utm_medium=referral&utm_source=rss&utm_campaign=headlines