The blockchain company, HashCash Consultants, States that Banks are the “main arbiter” of people’s identity and they need blockchain technology to do better.
According to an announcement made on August 11th “Accurate identification of a person is critical to banking operations, making them the primary determinant of people’s identity.” However, the current system is not without its problems:
“Existing manual processes make identification time-consuming and error-prone. HashCash aims to streamline the process by helping the associated bank create digital identities for their customers over a decentralized network where customer data is recorded in an immutable ledger, eliminating any possibility of identity theft and forgery. “.
By displaying, A bank in the United Arab Emirates will use HashCash’s blockchain-based digital identity system. A representative told Cointelegraph that it cannot be disclosed to which bank they refer “on the basis of the legalities associated with the clauses”.
HashCash plans to create a sovereign federated digital identity architecture for banking processes. The system would supposedly simplify identity verification and streamline customer onboarding, loan applications, and processing, and it would know that your customer is being verified for account opening.
The CEO of HashCash, Raj Chowdhury, said: “Accurately identifying a person is critical to banking and makes them the primary determinant of people’s identity. A bank account is essential to buying real estate, getting a loan, and getting a job. The processes make manuals the identification time-consuming and error-prone. “
Chowdhury claims that HashCash’s digital identity system Support of banks in the creation of digital identities for their customers in a decentralized network; This would prevent ID cards from being stolen and forged.
Decentralized identity solutions are becoming an increasingly active development area in the field of cryptocurrency. At the beginning of June, a representative of the information technology subsidiary of LG, LG CNS, said that to Cointelegraph Blockchain-based identity systems could become the new standard. He even went so far as to say that “maybe all login functions can be overridden.”
In late May, LG CNS also announced a partnership with the American company Evernym to develop a blockchain identity standard for the World Wide Web Consortium.