U.S. COSO Council will release guidelines for internal control of blockchain technology in the first quarter of 2020

According to the Wall Street Journal, the COSO Committee of the US Anti-Fake Financial Reporting Committee will issue a guide to internal control of blockchain technology in the first quarter of 2020, which aims to strengthen the internal control of blockchain technology in supply chain management and financial services. The COSO Committee stated that as enterprises adopt new technologies including blockchain, new vulnerabilities will also arise. Although network risks cannot be avoided, such risks can be managed through careful design and implementation of appropriate response and recovery processes. COSO committee chairman Paul Sobel said that when the company uses distributed ledger technology, the company will have a "very different world view" because the control of the database is not maintained internally. The COSO Committee was established in 1985 based on the United States Anti-Fake Financial Reporting Committee to specialize in internal control issues. The COSO Council released the Internal Control Integration Framework in 1992.