According to a recent report, a Kuala Lumpur-based group has launched a blockchain service that aims to help businesses cut time and cost involved in carrying out Know Your Customer (KYC) processes.
The firm said that the new service enables businesses and enterprises to reduce the customer on-boarding time and simplifies the compliance process by eliminating the need for repetition.
The Chief Executive Officer of the group noted that various national IDs, land records, universities, banks and charity organisations will soon be doing live transactions on the group’s blockchain platform.
He added that the traditional KYC verification system on its exchange will also be replaced by the group’s blockchain verification.
The company’s chief innovation officer noted that the group does not process any unverified wallet transaction on its public blockchain. The private blockchain, which is called BKVS (Belrium KYC Verification System) acts as the identity verifier for the wallets.
The group also announced that it will be releasing two decentralized apps (Dapps) on the blockchain – a certificate issuance Dapp and a payroll Dapp.
The CIO stated that these will give easy access to small and medium enterprises to experience the capabilities of the distributed ledger technology within their business domain.
The four-year-old company has development centres in Malaysia and India. It runs fiat-crypto currency exchanges and blockchain development solutions across 10 countries, including those in the Middle East and Africa. It has live exchanges operating in India, Singapore and Kenya.
According to another report, the platform offers companies a secure, private, personalized and decentralized ecosystem.
This ecosystem aims to minimize this repetition that relates to KYC compliance and also saving considerable time and cost. Particularly in this context, the platform is quite unique. It is so because it enables businesses and enterprises to reduce the customer on-boarding time as well as simplifies the compliance process by eradicating the need for repetition.
Pertaining to this successful launch of the blockchain, group’s founder said that they’re extremely delighted to see the tech go live. In addition, it was noted that the group is focused on getting governments and regulators to evaluate the strength and capabilities of the blockchain rather than focusing on the value of the instrument.
The founder then elaborated that various national IDs, land records, universities, banks and charity organizations will soon allow live transactions on the platform, further explaining that the group’s Exchange is the first user of the blockchain tech. As the traditional KYC verification system of exchange will be replaced by Belrium blockchain verification.
The public sector blockchain has thus far struggled significantly with regards to the adoption of various regulators due to the tech’s level of anonymity that it provides. However, currently, the tech is gaining traction because of its unique private and public blockchain combination.
The chief innovation officer of the Group noted that it is aligning its blockchain technology with practical use cases of other industries. Also elaborated that the blockchain will process various national government transactions on their infrastructure in 2019.
However, the blockchain will not process any unverified wallet transaction on its public blockchain.
The group’s KYC Verification System(BKVS) acts as the identity verified for wallets.