Inter-Business Blockchain

Let’s say now SBI Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank. SBI will follow the same flow as Kotak has followed in case 1. In addition to that SBI might consider tying up with Kotak for KYC and reducing the cost tremendously. How can it be done? Check below steps:

Step 1: Customer wants to engage with SBI’s one of the department. Let’s say the customer wants to open a savings account in SBI.Step 2: Customer will share the Kotak’s KYC ID with the SBI.

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Step 3: SBI will only verify the Adhar or PAN card of the user & rest of the KYC (Already Verified) will be fetched from the Kotak’s KYC blockchain.

Step 4: Voila! SBI saved time and money in KYC & reduced their turnaround time while giving account access to the customers.

In these use cases, Banks are considered only for examples, the beneficiary of this technology can be any BFSI company, Govt. Department,  or Any private organization looking to have better, state-of-the-art & secure Records keeping solutions. A blockchain-based solution, with its immutable ledger, ease of integration, and considerably lower operational and infrastructure costs, is undeniably a better option as compared to existing registries.