HashCash Consultants is going to help a major bank in Singapore with blockchain-based digital identity solutions to streamline their core operations, including advanced processes like remote verification for on-boarding and likewise.
Leading blockchain Development Company HashCash Consultants is working with a global bank based in Singapore on blockchain-based digital identity. The USA-based company plans to leverage its very own highly scalable blockchain network HC Net, to build an advanced banking architecture that will not only streamline the regular core operations, but it will also ensure advanced virtual customer engagement while id verification, onboarding, etc. Powered by blockchain, the proposed infrastructure will have enhanced security protocols to fortify the entire system.
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“Although digital banking has been in existence for more than a decade now, the industry has hardly explored its potential. Now with blockchain in the mix, it presents a great chance for the long-needed reformation of the banking sector to become a reality. The present banking infrastructure does not support extensive remote operations, which should be a priority given the crisis at hand. With this project we will be able to create a futuristic and scalable, not to mention technologically advanced infrastructure with blockchain integration to reform and streamline the outdated banking system”, mentioned Raj Chowdhury, CEO, HashCash Consultants.
This project was initiated in the wake of the ongoing pandemic where the social distancing situation brought forth multiple operational flaws in the banking sector. In recent months the inadequacy of banks to offer remote services to the customers has surfaced significantly. From that crisis, the afore-mentioned project was incepted, through which HashCash intends to reform banking.
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Starting from opening a long-term deposit or savings account to loan application, consumer identity verification is one of the primary banking operations. Even with the prevalence of digital banking, major operations are dependent on manual processes with a major lack of automated protocols. HashCash’s blockchain-based digital identity solutions will be integrated with the system of the Singaporean bank enabling a scalable and improved infrastructure to execute all tasks efficiently.
It will make it safer and easier to execute KYC and remote verification processes and while doing so will also accelerate the onboarding of customers. The advanced security offered by blockchain will ensure the consumer has absolute control over their information as well.
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