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  • July 27, 2021

What Are The Advantages of Blockchain?

In the security and banking business as well as in the open segment, documentation requirements for customers and partners is a lengthy and redundant process that can be changed by widespread record innovation. substantial advantage of merging forms via a mutually encoded database. You can also visit to know more about blockchain.

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Goldman Sachs believes that the stable and planned use of blockchain innovation in banking can save companies between $3 billion and $5 billion annually on KYC and against tax avoidance (AML) costs19 according to PwC KYC Center of Excellence and Jenaer Organization, KYC database model developed using blockchain innovation.

The idea is to store and mix information about the client and review everyone who consults their documentation, as well as any progress (marriage, transition, etc). Customers receive individual encryption keys with which they can choose at this point whether they wish to access money-related facilities.

At this point, foundations can access specific reports and information that allows them to differentiate customers in a secure and solid way. The customer can then sign a security contract or open a note momentarily. Without venturing to extremes such as bundling of information between guarantors, banks, freelancers etc., these innovations now contribute to lower overall collection costs (despite the fact that cost reserve funds should be considered close to the required speculative costs) and lower them. 

This was stated by the association between IBM and Credit Mutuel Arkea, who recently said that they have completed their first blockchain project to improve the ability of banks to verify client properties.