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The challenge of fulfilling Know Your Customer checks using blockchain

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The challenge of fulfilling Know Your Customer checks using blockchain

23rd February,2018

By Claus Christensen, CEO at Know Your Customer

The advent of blockchain heralds the biggest change in banking for 400 years. Banks were originally established to lend and safely hold money and to act as a central point of authority with the banking ledger being the absolute record of truth held by an independent third party.  With blockchain, we now have a centralised distributed digital ledger.

This centralised distributed ledger – the backbone of blockchain – is the point of departure for currency, registering property, tokens and pretty much anything else where trust is needed between distributed buyers and sellers. There is no limit to of what can be traded through blockchain providing that everyone is comfortable with identities, which is where things start to get interesting.

 

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