Abstract: System and method for dual blockchain based validation of instrument reference data and transaction reporting is disclosed. The method includes receiving raw instrument reference data from a plurality of financial entities that are part of a blockchain network. The method further includes validating the raw instrument reference data based on a smart contract system that executes a plurality of data rules on the raw instrument reference data. The method includes determining in real-time, based on the plurality of data rules, whether the raw instrument reference data includes at least one discrepancy. The method further includes receiving corrected raw instrument reference data contemporaneous to determining that the raw instrument reference data comprises at least one discrepancy. The method includes consolidating instrument reference data received from each of the plurality of financial entities to generate validated instrument reference data.