Banks pay attention to record keeping due to the complexity of data they hold. For privacy reasons, they employ different complex processes as a way o
Banks pay attention to record keeping due to the complexity of data they hold. For privacy reasons, they employ different complex processes as a way of safeguarding the privacy of information they hold for their customers. The identity and verification process play a crucial role in the banking sector.
Almost all processes carried out at the banks require official records. All official documents at the banks must be validated for the transactions to proceed. The data should be confirmed and stored for a period of up to seven years.
The high complexity involved in the processes require a massive amount of labor and time to provide accurate and transparency in the transactions.
There is a recent announcement from Baoquan technology group which indicates that the technology firm is looking for ways of creating and disrupting a complex system for data attestation which will rely on Blockchain technology. The technology will allow banks to validate the documents in a matter of seconds rather than the several days taken to verify the information.
The system is also said to provide a way of increasing trustworthy and data protection in this age filled with fraud and confusion. TheThai Banking industry has been reported flirting with Blockchain technology for a while. It is believed to have embraced the system at last.
Baoquan also reported that the innovation would be available to clients who will like to try it free of charge. Customers who are seeking for socialized application will be given the priority.
The distributed ledge system will allow Baoquan to increase participants to make document attestation more efficient. The addition of clients will not require huge potential investment hence making it easy for different users.
The company has shown high interest in adding users rather than making clients pay the premium for the services.
It is not understood whether the move is aimed at marketing, but it shows the banking industry is ready to embrace the Blockchain technology in its financial applications.