Blockchain technology could resolve the challenges and later the inefficiencies that are prevalent in the existing regulatory KYC processes.
The introduction and rapid advancement of innovative technologies such as the blockchain and Artificial Intelligence (AI) have thrown up many lucrative possibilities for vital sectors of the economies to streamline efficiencies and resolve critical challenges. Technology has become a great enabler- empowering the key industries to reduce costs and automate their processes. It is simply not a technology that underlies Bitcoin and other virtual currencies but there is much more than that, especially when it comes to disrupting and modernizing digital identities. There are several applications of blockchains and among them, the use case of digital identity, Know-Your-Customer (KYC), and Anti-money Laundering (AML) are potential Blockchain use cases worth studying.
In this blog piece, we would attempt to look at how the implementation of blockchain technology could resolve the challenges and later the inefficiencies that are prevalent in the existing regulatory KYC processes.
What is digital identity – KYC/AML?
In a world characterized by increased regulation and with an enhanced focus on monitoring frauds; Know Your Customer or KYC has become a key regulatory requirement for protecting today’s global economy. This process is helpful for b