Fireblocks Calls for Independent Checks on Banks’ Onchain Records

Banks need a way to check whether their accounting records match blockchain activity. Fireblocks Global Banking Initiatives Lead Tim Way argues that an independent data trail can help banks verify those records as they connect blockchain activity to existing accounting systems.

A bank’s accounting software needs an intermediary that can carry blockchain activity into records its existing platforms can use. Fireblocks argues that checking an internal ledger against the same process that produced it does not independently verify what the blockchain recorded. It also says a custodian’s report alone does not provide an independent check.

“a control that relies on the system it is testing has tested nothing,” Way wrote in an analysis published Nov. 11.

A January 2026 survey of 638 decision makers at financial institutions and corporations found that 52% of financial institution respondents cited compliance and regulatory requirements as a wallet infrastructure challenge. Integration with core banking and downstream systems came next at 47%, followed by security architecture and key management at 44% and operational readiness at 39%.

Financial and regulatory reporting ranked last among nine challenge areas, cited by 3% of financial institution respondents. The survey captured challenges named by respondents; it did not measure bank audit failures or reconciliation problems.

Fireblocks proposes that a verifier read blockchain data from nodes it operates, reconcile transaction totals against historical balances and provide records of holdings at a specific past block. The company recommends a verifier whose relevant data-handling controls are covered by a SOC 1 Type II report. SOC 1 examinations assess service-provider controls that may affect a customer’s financial reporting controls.

In March 2025, the Office of the Comptroller of the Currency (OCC) said national banks and federal savings associations may participate in independent node verification networks. The announcement did not require banks to use an outside verifier or a provider with a SOC 1 Type II report.

The verification question also connects to broader bank digital-asset custody controls, including who can initiate and approve transactions and how actions are independently checked.