The blockchain is a fairly new technology and that too of a disruptive nature. Companies around the world are curiously probing the conceptual implementation of blockchain technology’s use cases for enhancing business capacity. The technology is theoretically capable at least of extending any company’s digital transformation beyond its four walls, and into the processes, it shares with suppliers, customers and partners.
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.