KoreConX has announced the launch of KoreNodes in twenty-three countries and five major regions around the world. KoreNodes are fundamental nodes of the KoreChain.
Participants on KoreChain are required to be regulated entities, and authorised to validate securities transactions. This permissioned approach seems aimed at balancing a level of decentralisation while preserving trust. This is not likely to be welcomed by cryptocurrency maximalists but for those looking to move from regulated activities into a blockchain system.
KoreConX says it is the world's first highly-secure permissioned blockchain ecosystem for fully-compliant digital securities worldwide. Oscar Joffre, founder of KoreConX said that his goal is to ensure that securities comply with local securities regulation and corporate law, but still have tools to manage the life-cycle of the product, including issuance, trading, clearing, settlement, management, reporting, corporate actions, and custodian.
KoreConX aim for Node operators to be regulated entities including; secondary market operators, lawyers (disclaimer: Piper Alderman is exploring operating a Kore Node), auditors, transfer agents, due diligence providers, KYC/AML providers, share registries, corporate registries to participate in the KoreChain. Only entities that are regulated in at least one jurisdiction wil be allowed to operate KoreNodes. Each KoreNode owner endorsing only those transactions for which the operator is responsible and has regulatory accountability for, while maintaining a copy of the other node's records of transactions, another interesting approach.
David Weild, known as the 'Father' of the US Jobs Act and former Vice Chairman of NASDAQ said:
We need regulated professionals to work together in a system to create a broader ecosystem that they trust, in order to simplify execution, compliance, and distribution while reducing direct and indirect costs.
This balanced approach and start towards unlocking the benefits of a decentralised future. We will be reporting on our investigations into using a Kore Node in the future.