What is the Blockchain KYC Solutions?

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What Is The Blockchain KYC Solutions?

• Banking and financial systems are an important
  pillar in a nation's economy. Their functioning
  needs to be seamless and transparent. However,
  the current banking system lacks this factor.
  Though there is a wave of change that is
  impacting this sector, we still have to buckle up
  to face the challenges of the future.

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• Has it ever bothered you, what if the personal
  information and bank details get leaked, why it
  takes so much time for verification and
  validation? Well, these are some common
  hindrances in the way of an effective banking
  system. Besides, banks also face a lot of hassles
  while completing the KYC.

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Whooping Number

• As per the reports of Thomson Reuters, some of
  the major banking and financial institutions are
  spending around 500 million for KYC. The average
  spending on KYC by some of the major financial
  institutions is 48 million.

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• When we talk about KYC, then it's important to
  mention that KYC is a prolonged procedure. This
  consumes not only time but also a lot of money.
  Moreover, there is no guarantee of the
  authenticity of the information, but with the
  help of Blockchain technology, we can easily
  overcome all these problems. Blockchain offers
  features like data security, provenance,
  authenticity and transparency. All these factors
  make Blockchain overcome the problem in the
  conventional banking and financial system.

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How Will Blockchain Help?

• With the help of a decentralized system like
  Blockchain, you can easily accumulate data from
  different authoritative service providers into a
  single immutable and cryptographically secured
  database. With the help of Blockchain, we can
  have a DLT that is shared to all the users on the
  network. With decentralization, there is no
  single ruling authority, thus making the system
  less vulnerable. All these features make
  Blockchain a trustworthy platform to store ID
  details.

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• This feature of Blockchain technology can become
  useful for the financial service sector. One of
  the uses of Blockchain for the financial sector
  is in KYC verification. It will aid faster and
  easier KYC verification. Since Blockchain offers
  reliability, financial institutions can Due to
  the reliability of Blockchain databases,
  government institutions and companies can use
  this technology for KYC verification.

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Use Of Blockchain For KYC

• Companies like IBM are using Blockchain-based KYC
  platform. The basic architecture of this platform
  is where a bank sends a request to the Blockchain
  platform to access your identity information. The
  user has to log in the platform via OTP and
  allocates a private key to the bank. Though a
  third party can access the data, the consent for
  the same is given by the user.

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• 1. Distributed user data collection- Unlike
  the conventional system, the new Blockchain-based
  platform will allow the third parties to access
  the information easily, but only after the
  permission for the same is acquired.

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• 2. Transparency- Blockchain-based KYC
  platforms will help in monitoring every
  information right from the opening of an account
  to everyday transactions. When this is merged
  with smart contracts that have pre-programmed
  parameters to find out faulty activity etc. This
  new platform will alert the banks and financial
  institutions about the malicious activities. With
  the immutability feature, you are assured of
  having a system where data is safe and cannot be
  altered.

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• The future
• These were just one of the ways in which
  Blockchain can enhance the KYC system and at the
  same time makes it trustworthy and free from
  hacking. Moreover, there is a guarantee of the
  authenticity of the information. All this happens
  with the successful implementation of Blockchain
  technology with the current banking system. Here
  comes the role of Blockchain expert.

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• At Blockchain Council, you will not only get
  information about Blockchain but also about the
  implementation of this technology in different
  fields. With this certification program which is
  specially designed for the financial system, you
  can easily pick up how to use Blockchain
  technology for KYC and other aspects of banking.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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