Industry News

Securing Your Financial Data Using Blockchain

a man using a credit card system about to enter his pen

As technology evolves banks are finding new ways to adapt so that they can better serve their customers. The blockchain firm HashCash Consultants claims that banks need blockchain technology to be even better. HashCash helps banks with digital identity technology for their customers by using a decentralized network which will decrease identity theft and forgery of credentials.

In the article Blockchain Firm Says Banks Need DLT to Manage Identities Better

 “Accurate identification of an individual is central to banking activities which makes them the chief arbiter of people’s identities.”

What this system will consist of is; simple identity verification, streamlined customer onboarding, loan application and processing, and quick and secure identity checks for account opening. With HashCash creating the software, they plan to create a federated and sovereign digital identity architecture to facilitate routine banking processes. In the cryptocurrency space, decentralized identity solutions are very trendy. Technology company LG has an IT subsidiary, LG CNS, one of their representative said at in June that blockchain identity systems could be the new standard; possibly even replacing all login functions.  At the end of May LG CNS announced they partnered with Evernym, United States-based company on developing a blockchain identity standard for the World Wide Web Consortium.

Raj Chowdhury the CEO of HashCash opines on customer identities;

“Accurate identification of an individual is central to banking activities which makes them the chief arbiter of people’s identities. Having a bank account is essential for buying property, securing a loan, and getting a job. But, the existing manual processes make identification time-consuming and susceptible to errors.”

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