A prominent worldwide UAE Bank has teamed up with HashCash Consultants, a blockchain solutions firm, to intensify its financial and banking services with blockchain-powered digital identity.
Authentic and Secured Identification
Within the strategic partnership, the plan is to build a leading and federated architecture of digital identity because which the UAE sees as indispensable to all essential banking processes and the future of finance.
Blockchain will offer permanent storage that will boost the official identification of a person in banking activities, such as securing a loan, buying property, and getting a job. As a decision, important systems like account opening, customer onboarding, and loan application and processing will be streamlined.
As stated by Raj Chowdhury, the CEO of HashCash Consultants:
“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 conception of trusted digital identities will be made possible by the scalability of the blockchain network and other advanced security features.
Decentralized identification administration
The UAE bank explores to utilize a decentralized identity management method by utilizing the scalable architecture provided by HashConsultants.
As per the announcement:
“THE AIM IS TO REPLACE THE EXISTING SYSTEM OF SILOED IDENTITIES, UNSAFE DATABASES, AND THE USE OF MULTIPLE PASSWORDS, WITH A FEDERATED AND INTEROPERABLE IDENTITY VERIFICATION PLATFORM.”
By choosing a plethora of high-tech mechanisms, the blockchain system will inculcate anti-money laundering (AML) and know your customer (KYC) processes through decentralization heading to the minimization of costs.
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