What is the Blockchain KYC Solutions? - PowerPoint PPT Presentation

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What is the Blockchain KYC Solutions?

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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. – PowerPoint PPT presentation

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Title: 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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