HashCash Consultants Is Planning to Help Banks With Blockchain-Based Digital Identity Solution to Enable Remote Verification Along With Streamlining of Other Operations.
HashCash Consultants has plans in motion to help banks with their blockchain-based digital identity verification solution. Powered by the company’s blockchain network HC Net the digital identity platform will help banks to streamline their operations. It will ensure enhanced security in remote onboarding and KYC, reducing the need for manual documentation in services that involve identity verification.
This is a part of HashCash’s COVID-19 response initiatives which aim at assisting respective industries to find solutions to the system issues. The lockdown situation has brought into light many flaws within the banking sector and its inadequacy to offer remote services. HashCash plans to play a part in making the banking system better equipped to offer services if a similar emergency has to occur in the future.
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“Both the consumers and the banks have suffered their fair share of difficulties due to the pandemic. The current banking system does not suffice remote operations, which has become a basic necessity for maintaining social distancing. Major operations are still dependent on manual documentation with minimal digital support. That’s why banks are eager to implement blockchain-based solutions to streamline and reform the backdated system for the post-pandemic years”, commented Raj Chowdhury, CEO, HashCash Consultants.
In the wake of the COVID-19 pandemic, major sectors have suffered significant setbacks due to the inefficacy of their existing operational architecture. Industry players around the world are now determining the pain areas, analyzing and seeking solutions for the same from blockchain and other new-age technologies, so that any future crisis can be tackled in a better way.
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- Blockchain Digital Identity for Banks:
Right from opening a savings account or long-term deposit account to applying for a loan, identity verification of the consumer is primary to all banking operations. The existing banking system might work online but it is still dependent on manual documentation and there is a major lack of automation.
This might work in a normal scenario, but in situations like the present where human interaction can cause one to contract the COVID-19 virus, the legacy systems become highly inefficient. The first roadblock comes in with verification of consumer identity, which cannot be done remotely while upholding the absolute security of the data.
A blockchain-backed digital identity verification platform when integrated with the banking system takes care of the problem and executes the tasks efficiently.
It makes it easier and safer for the banks to conduct remote verifications and KYC processes, accelerating the onboarding process. The privacy-based blockchain architecture ensures that the consumer has total control over their data. The use of blockchain augments security and allows the bank to offer unhindered service to the customers even in a lockdown situation.
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