HashCash Consultants has partnered with a UAE based global bank to help them streamline their banking and financial operation through the integration of blockchain digital identity. The project aims to create a federated and sovereign architecture of digital identity verification, which is integral to all critical banking processes, streamlining it for both the organization as well as the customers.
Speaking about their digital identity verification solutions, Raj Chowdhury, CEO of HashCash Consultants, commented, “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. HashCash aims to streamline the process by helping the partner bank create digital identities for the customers over a decentralized network, where the customer data will be recorded on an immutable ledger, eliminating any chance of identity theft and forgery.”
The digital identity verification platform is one of the most sought after innovative blockchain offerings by HashCash Consultants, which presents a decentralized approach to identity management for banks, financial institutions, healthcare organizations, and government bodies. In this case, HashCash is building fully functional and scalable digital identity verification architecture for the global bank based in UAE.
HashCash Consultants will integrate advanced technology and security elements with their existing system, and utilize the scalability of HC Net to created trusted digital identities. Through a plethora of advanced mechanisms, the modified system will instill trust in KYC and AML processes through decentralizing, which will ultimately lead to a fortified system and optimization of expenses. The aim is to replace the existing system of siloed identities, unsafe databases, and the use of multiple passwords, with a federated and interoperable identity verification platform.
The integration of blockchain-based digital identity verification infrastructure will streamline critical processes like customer onboarding, loan application, and processing, usual KYC/AML for account opening, and more.