Blockchain Secured Financial Solution Using Corda

Context and Business Case

Identity in the financial services is usually defined by government-issued identity (drivers’ license, passport, social security card, etc.), and Know Your Customer (KYC) processes provide the backbone to financial institutions’ anti-money laundering efforts and help to detect and prevent criminal behaviours. However Despite the importance, KYC at many financial institutions is inefficient and tedious, duplication of effort and risk of error, which is costly and could negatively impact customer experience and ultimately hamper financial institutions brand value.

 After the fraud of Lehman Brothers with repo transactions, the government enacted structural reforms to the U.S. financial system. Regulations as such Basel III and the Dodd-Frank Act which significantly increased the compliance costs for banks.

Continue reading “Blockchain Secured Financial Solution Using Corda”