In order to help financial service providers on-board their consumers in a secure environment, IBM recently collaborated with a Blockchain project at the Singapore Fintech Festival. Singapore is eager to demonstrate itself as the foremost country to be in for blockchain and Fintech sectors. The project is aimed at eliminating the time and expense needed for on-boarding new clients and enabling KYCK!
IBM further stated that utilizing the project offers an enhanced identification validation via a trusted blockchain based business network. Once the verification gets confirmed, KYCK! will enter customer’s info into current bank-based checks or third party systems before account on-boarding. The company also stated that using Hyperledger Project Fabric will eventually lead to a secure and improved identity authentication. It also secures data.
KYCK!, a startup founded by 3 Singaporeans allows consumers to access brokerage demo accounts and safeguard the onboarding opportunities. Secured by High-security Business Network, KYCK! easily handles sensitive data with an extra level of protection that prevents unauthorized access and tampering.
One of the co-founders at KYCK!, Darryl Tan says:
“We were blessed enough to partner with IBM, which, in turn, enabled us to apply the finance industry insights and bring ideas into life. After joining hand with IBM Bluemix, we have realized how block chain can renovate operational efficiency, multiply transparency and reduce transaction risks. We soon hope financial institutes see an improvement in their existing customer onboarding process and the overall consumer experience.”
The collaboration further aims to create better solutions for global markets. Blockchain and its applications are showing a great promise across versatile industries. By establishing accountability and transparency, block chain streamlines business processes. It is assumed that the application of block chain technologies on cloud can easily streamline business processes by following the one-time process with secure data and improved identity verification.