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HashCash Consultants, a well-known blockchain company has recently claimed that banks are chief arbiters of people's identities and that blockchain technology could do a much better job of keeping everyone on file in a secure and safe manner.
An announcement was made earlier last week on the 11th of August which said:
“Accurate identification of an individual is central to banking activities which makes them the chief arbiter of people's identities.”
it went on to add:
“The existing manual processes make identification time-consuming and susceptible to errors.
HashCash aims to streamline the process by helping the partner bank create digital identities for the customers over a decentralized network, where the customer data will be recorded on an immutable ledger, eliminating any chance of identity theft and forgery.”
The United Arab Emirates bank will be using blockchain-based digital identity systems provided by the company. This is a big move for blockchain adoption as with such a big company using such technology, who knows what the future will hold.
A representative from the company has said that they can’t reveal what bank they are referring to. This is because of legal reasons involved in the contract.
The company is hoping to create a digital identity architecture when it comes to the bank’s process. This would be a system that would simplify identity verification and make new customers experience significantly smoother.
The CEO of the company Raj Chowdhury as at the following on the matter:
"Accurate identification of an individual is central to banking activities which makes them the chief arbiter of people’s identities.
Having a bank account is essential for buying property, securing a loan, and getting a job. But, the existing manual processes make identification time-consuming and susceptible to errors.”
It will be interesting to see how this situation plays out.
Article produced by Adrian Barkley
https://cryptodaily.co.uk/2020/08/how-blockchain-could-help-banking-institutions
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