HashCash Consultants goes to assist a significant financial institution in Singapore with blockchain-based digital identification 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 worldwide 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 sophisticated banking structure that won’t solely streamline the common core operations, however it’ll additionally guarantee superior digital buyer engagement whereas id verification, onboarding, and so on. Powered by blockchain, the proposed infrastructure can have enhanced safety protocols to fortify all the system.
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“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 awesome probability for the long-needed reformation of the banking sector to turn out to be a actuality. The current banking infrastructure doesn’t help in depth distant operations, which must 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to not point out technologically superior infrastructure with blockchain integration to reform and streamline the outdated banking system”, talked about Raj Chowdhury, CEO, HashCash Consultants.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 continuing 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 companies to the shoppers has surfaced considerably. From that disaster, the afore-mentioned challenge was incepted, by means of which HashCash intends to reform banking.
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Ranging from opening a long-term deposit or financial savings account to mortgage utility, shopper identification verification is without doubt one of 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 identification options might be built-in with the system of the Singaporean financial institution enabling a scalable and improved infrastructure to execute all duties effectively.
It’s going to make it safer and simpler to execute KYC and distant verification processes and whereas doing so may also speed up the onboarding of consumers. The superior safety supplied by blockchain will guarantee the buyer has absolute management over their data as effectively.
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