Banking, financial services and insurance institutions are mandated by regulators to do Know Your Customer (KYC) checks. This involves significant manpower and infrastructure cost to the entire industry as well as a duplication of efforts. Blockchain technology can provide a peer validated and immutable database where all the participating institutions can access customer information – reducing costs and bringing down response times. Here, we demonstrate a typical workflow where a customer (owner of the identity) can easily move between banks, sharing her information with another participating at the touch of a button.
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