ISELIN, N.J., April 10, 2018 (Newswire.com) - ChainNinja Blockchain Solutions, an Iselin, NJ based Blockchain Solutions Company creates a powerful application of KYC (Know Your Customer) utilizing three leading blockchain platforms; Hyperledger, Corda, and Qurom.
Know your Customer (KYC) is usually employed by companies of all sizes in the opening and maintenance of a customer’s accounts. Banks are under pressure from their investors and analysts to reduce costs, however, the cost of their compliance teams consider to rise year after year. What if there was a way to reduce costs in KYC and make transaction near real-time for KYC in all sectors using KYC. ChainNinja believes a blockchain based register would remove the current duplication of effort in carrying out current KYC checks thereby reducing the nearly $60 million spent on KYC.
KYC regulations are very expensive and cumbersome but are necessary to meet AML, Fraud and Compliance requirements. Blockchain offers a solution through its Distributed Ledger Technology, which can be used to avoid duplication of effort between members in the consortium and provides a common database of customers transaction history. Our KYC type solution on a DLT platform can weed out many criminal activities.
Sanjay Kumar, CTO of ChainNinja Blockchain Solutions
Clients are still uncovering the true potential of blockchain in their current environments and a great way to showcase the power of blockchain is to present a use case that most can understand and apply presently. Next is to understand that KYC built on blockchain can reduce processing costs, facilitates near-real-time data exchange, and increases trust because of underlying infrastructures ability to facilitate an immutable data storage mechanism.
Choosing a platform for such an application takes many considerations and different organizations are choosing different platforms based on key attributes for Federated, and/or Private Blockchains. While some focus on Corda others focus on Fabric. ChainNinja showcases KYC on three different platforms that can be applied intra-bank, inter-bank, and cross-industry.
There are a few unique features of their application architected by ChainNinja’s CTO, Sanjay Kumar:
- To build on multiple platforms and link them all.
- The use of on-chain/off-chain design pattern to improve the system’s overall performance and thus improve the user experience.
- A super KYC registry database utilizing NoSQL.
Streamlining KYC processes is among the key benefits of blockchain. Sanjay Kumar, states “KYC regulations are very expensive and cumbersome but are necessary to meet AML, Fraud and Compliance requirements. Blockchain offers a solution through its Distributed Ledger Technology, which can be used to avoid duplication of effort between members in the consortium and provides a common database of customers transaction history. Our KYC type solution on a DLT platform can weed out many criminal activities.”
ChainNinja Blockchain Solutions, is a provider of blockchain innovation, strategy development, prototyping and product development. ChainNinja has the capability to design, implement cutting-edge blockchain solutions and can provide expertise in overcoming performance issues, scalability issues, and integration issues with existing services.
Source: ChainNinja Blockchain Solutions