HashCash Consultants goes to assist a significant financial institution in Singapore with blockchain-based digital id options to streamline their core operations, together with superior processes like distant verification for on-boarding and likewise.
Main blockchain Development Firm HashCash Consultants is working with a world financial institution based mostly in Singapore on blockchain-based digital identity. The USA-based firm plans to leverage its very personal extremely scalable blockchain community HC Internet, to construct a complicated banking structure that won’t solely streamline the common core operations, however it would additionally guarantee superior digital buyer engagement whereas id verification, onboarding, and many others. Powered by blockchain, the proposed infrastructure could have enhanced safety protocols to fortify your complete system.
“Though digital banking has been in existence for greater than a decade now, the business has hardly explored its potential. Now with blockchain within the combine, it presents an excellent likelihood for the long-needed reformation of the banking sector to develop into a actuality. The current banking infrastructure doesn’t help in depth distant operations, which needs to be a precedence given the disaster at hand. With this challenge we will create a futuristic and scalable, to not point out technologically superior infrastructure with blockchain integration to reform and streamline the outdated banking system”, talked about Raj Chowdhury, CEO, HashCash Consultants.
This challenge was initiated within the wake of the continued pandemic the place the social distancing scenario introduced forth a number of operational flaws within the banking sector. In latest months the inadequacy of banks to supply distant providers to the purchasers has surfaced considerably. From that disaster, the afore-mentioned challenge was incepted, by way of which HashCash intends to reform banking.
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Ranging from opening a long-term deposit or financial savings account to mortgage software, client id verification is among the main banking operations. Even with the prevalence of digital banking, main operations are depending on guide processes with a significant lack of automated protocols. HashCash’s blockchain-based digital id options shall be built-in with the system of the Singaporean financial institution enabling a scalable and improved infrastructure to execute all duties effectively.
It would make it safer and simpler to execute KYC and distant verification processes and whereas doing so may even speed up the onboarding of shoppers. The superior safety supplied by blockchain will guarantee the buyer has absolute management over their data as effectively.
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