General Questions

RecordsKeeper is a decentralized, incorruptible and unchangeable storage of digital documents built on Blockchain. Blockchain is the technology which powers many digital or cryptocurrencies like Bitcoin, Ethereum etc.

Data stored on RecordsKeeper are immutable (ie. they can not change) and un-deletable making it highly secured. Since it is decentralized it is also immune to admin error or human error which can accidentally delete the data. Decentralization also brings the high availability of the records stored in Blockchain making it available all the time at very high speed.

All the documents stored are also encrypted using “Asymmetric Key Cryptography” making your documents unreadable to anyone except you. Only you can make sense of your documents using your passphrase.

Blockchain is a distributed list of public or private ledger of transactions recorded in the blocks. It is a foundational technology of most of the cryptocurrencies on the Internet. Most famous among all is Bitcoin.

You can virtually imagine it as a long list of memory blocks connected to each other sequentially in a very very knit manner. Where these blocks are stored redundantly on multiple computers (aka nodes) spread all over the world making it highly available & fast. Everything in those memory blocks is stored as a transaction.  Those transactions are confirmed by the participating computers through some consensus algorithms making it highly difficult to forge, delete or modify the transactions. Though transactions are visible to every connected computer but yet no one can trace that who are the parties associated with those transactions .Until unless those parties declare it by themselves.

Data stored in Blockchain is highly secure & immutable. In short, it means it is very very difficult as well as expensive to forge or modify a transaction and it is extremely easy to detect the inconsistency & forged data/transaction/stored information.

According to Wikipedia, Know your customer (KYC) is the process of a business, identifying and verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities.

RecordsKeeper can be used to do the KYC with just one-click.

RecordsKeeper allows you to store documents in any format into the Blockchain immutably. This helps in many ways because the receiver can be 100% sure that document shared with them are not being tempered or modified post sharing.

Also, the sharing is being recorded as a transaction into the blockchain leaving no way the sharing entity can revoke the access. This comes pretty handy when you use your documents for the KYC.

You can store your documents and use them to get your KYC done. Once a KYC is done using some documents, you can use those same documents with other services to avoid doing the KYC again for the same documents. However, this will require some coordination among the service providers. We are working with several service providers to use the documents directly through Blockchain and verify the documents validity.

This is the most common doubt among people around Blockchain’s value. Here is to the point answer to this.

Decentralization, Immutability & Security is the answer for your confusion. These things are very hard (almost impossible) & expensive to achieve in the tradition technologies like Dropbox, Google Drive etc.. Encryption & high availability are the add-on benefits in RecordsKeeper which is optionally available in traditional technologies at the high cost. But in RecordsKeeper these things are available at low cost with high confidence due to Blockchain. Blockchain also makes the whole system immune to hacker & human error (due to decentralization).

Because of being on Blockchain, we are offering Incorruptible, Unchangeable, Encrypted storage for documents which are the utmost important part in any record keeping solution. Documents verification will be a very smooth ride in Blockchain but in traditional solutions there always be a doubt/insecurity due to its nature of corruptibility. 

Also, all 4 major aspects of security can be achieved in RecordsKeeper’s Blockchain with high confidence in lesser cost. While in traditional technology you have to invest a lot to achieve these below 4 aspects of security.:

  • Confidentiality.
  • Integrity.
  • Availability.
  • Non-repudiation.

This TCS’s white paper explained how current KYC solutions work, Challenges in current solutions, and how Blockchain can overcome these challenges with lesser cost. Out solution is fully aligned with that recommendations.

Because this is a document storage in blockchain where documents are stored in electronic form & are verified by using the SHA256 digest algorithm, it is compliant with the existing regulations around KYC (By SWIFT & RBI in India). The only difference is that we are storing docs in Private Blockchain immutably & securely in a distributed manner. Rather than storing them in Traditional (MySQL/Oracle) DBs, which are mutable, has central storage as well as control hence making them less secure.

Documents stored in RecordsKeeper will be accessed back in the same document format. Stored PDF will be accessed as PDF, JPEG will be accessed as JPEG etc. This makes us compliant with “ISO 15489 Information and documentation — Records management” which specifically deals with the Records Keeping & Management in Corporations.  

Use Cases

Use Case 3: For Individual Person

In this case, If Recordskeeper’s online cloud user Alice wants to use RecordsKeeper’s storage to maintain the documents & want to share it with Airtel while applying for broadband for the KYC purpose. Below will be the flow:

How Individuals can use Blockchain of the RecordsKeeper for their personal record keeping

Step 1: Store Docs [One time only] Alice will signup & upload their govt., financial & personal records into RecordsKeeper dashboard. Each document will be given a unique ID & will be stored in RecordsKeeper’s Private Blockchain in split & encrypted manner.

Step 2: Alice wants to apply for Airtel Broadband online.

Step 3: Request for KYC via API. Our API’s will be open for Airtel to use them for getting access & doing KYC. Airtel will optionally show a button or QR code in their online or offline application form saying [Do KYC with RecordsKeeper].

Step 4: RecordsKeeper request to Alice for Authorization to Airtel.

Step 5: Alice Authorizes Airtel. Alice Click on the button, It will open a new pop-up/tab/window on web or app asking Alice to grant access to certain documents to Airtel. Alice authorizes Airtel for KYC (Like we do while signing up in Google, FB, Twitter etc.)

Step 6: Access of the documents will be given to the Airtel & this sharing of the documents will be recorded as the transaction in the blockchain. Anyone can verify this “access grant” transaction among Alice & Airtel. Just like Bitcoin transaction, where you can see from which wallet to which wallet bitcoin has been transferred but you can’t see who owns that wallet. Until that wallet owner claims that wallet.

Step 7: Airtel performs the KYC & marks the documents about the status of KYC.

Step 8: Airtel issues the broadband line to Alice.

Step 9: Next time now Alice wants to get the Vodafone SIM card.

Step 10: Vodafone will use the same APIs and request for permissions to access KYC docs from Alice.

Step 11: RecordsKeeper request to Alice to authorizes Vodafone to access the KYC docs.
Step 12: Alice gives access to the documents to the Vodafone.

Step 13: Vodafone sees the “KYC-Done-Via-Airtel” flag in docs & then skips the KYC as it is already done by Airtel for the same documents & same user “Alice” saving tons of time and money (when doing the same for 100,000 users) while reducing turnaround time.

Step 14: Alice receives the SIM card.
Alice has to just click authorize button reducing her headache for KYC and Telecom companies saved the resources during the KYC.

Banks can utilize the Blockchain very effectively in reducing their KYC & other record keeping cost by 60-70% with the highest level of security. Below are the two use cases.

Blockchain uses in businesees for kycRef: TCS White paper

Intra-bank application: Using the blockchain technology, banks can effortlessly deploy an intra-bank application within the same banking group. For example, if a savings account customer wishes to avail credit card services from the same bank, the card division can look up the ledger using the unique reference number and easily ascertain the customer’s KYC status. Using this model, banks can significantly reduce the effort and time spent in performing repetitive due diligence processes, and instead focus on core business activities. If a new service request requires additional customer information not found in the ledger, the model allows the bank to update the information on the ledger, followed by a revalidation by external agencies (which essentially translates into re-KYC). [Taken from TCS White paper]

Inter-bank application: This model requires consensus among participating banks on the validation process in order to maintain the trust and integrity of the system. Here, one bank plays the role of the originating bank and performs initial KYC verification for a customer. When the customer approaches another bank to open an account or request some banking services, the approached bank acts as a requesting bank and queries the ledger to check the KYC status of the customer. The requesting bank can request the originating bank to share the documents available, and the blockchain platform ensures secure transfer of documents between the two banks. With this model, banks can enhance process efficiency, standardize KYC processes, and perform customer validations in near real-time. An inter-bank KYC model requires all participating entities to agree on the protocol of the framework and the solution. This model requires sponsors to establish guidelines for effective governance. [Taken from TCS White paper]

 

Use Case 1: For Large Business (BFSI, Telecom, Healthcare, Supply-chain)

Let’s say, for example, Kotak Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank.
Step 1: Kotak Customer applies for Bank account with Kotak and uploads the documents for KYC on Kotak’s website.

Step 2: Kotak Bank verifies the Identity by doing the KYC & upload the documents (via APIs) to the RecordsKeeper’s Blockchain (Implemented in-house in Kotak’s infra- structure)

Step 3: Kotak Opens the account & also gives “Kotak KYC ID” to the customer and also maps it to customer’s account.

Step 4: Now the same customer wants to apply for term insurance with Kotak for 3 Crore.

Step 5: Customer only has to share the “Kotak KYC ID” while applying for term insurance and Bank will get KYC from customer’s account. Only additional documents can be added to the Blockchain if missing.

Step 6: Kotak can rely on the KYC documents safety & immutability because it is on Private Blockchain in a distributed manner. Also giving them high availability without relying on the central system for records keeping.

Step 7: Kotak can now produce the documents in front of regulators while proving the KYC docs directly from the Blockchain with just one click.

Step 8: Kotak can also share their customers KYC docs with the associate companies & departments externally in a highly secure manner.

Use Case 2: 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.

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 Use case 1  & Use case 2, 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.


Security

Documents or records stored on RecordKeeper are very safe due to Blockchain & Asymmetric Key Cryptography.

Blockchain: Since Blockchain is a decentralized ledger & store everything immutably, it is highly secured. In short, it means it is very very difficult as well as expensive to forge or modify a transaction and it is extremely easy to detect the inconsistency & forged data/transaction/stored information. So nobody can modify or forge the data stored in Blockchain. But What if someone read my documents? Answer to this question is in Cryptography.

Asymmetric Key Cryptography: It is a method of locking digital documents using two different Keys. Everything you store in Blockchain are locked with your one key (Public-Key) hence It can only be unlocked using your another key which will be in your mind. Until unless you share your password with the hacker, computationally it is impossible to hack/guess the keys & unlock your stored files.

This above set of technology makes your documents unchangeable, incorruptible, undeletable, and unreadable for anyone except you. Isn’t it cool?  🙂

According to Microsoft, Cryptography is the science of providing security for information. It has been used historically as a means of providing secure communication between individuals, government agencies, and military forces. Today, cryptography is a cornerstone of the modern security technologies used to protect information and resources on both open and closed networks.

Now in laymen language, It is a method of altering digital data is such a way that it is impossible for anyone to read or making sens of data except for the entity who encrypted it.

APIs

Yes. We do have APIs to integrate RecordsKeeper with your existing applications. You can read about the documentation of our APIs here.

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