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What Are The Advantages of Blockchain?

Tuesday , 24, August 2021 Comments Off on What Are The Advantages of Blockchain?

In protection and banking initiatives and in the open segment, documentation requirements for customers and partners ("know your customers" or KYC) are a long and excessive process that can be changed by the spread of innovative records. Blockchain Innovation will generate significant profits by combining forms through the reciprocal code database. You can also find the advantages of Blockchain via

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Goldman Sachs estimates that continuing the use of planned Blockchain Banking Innovation can save the company between $ 3 billion and $ 5 billion per year on KYC and 19 tax avoidance costs (AML) at this time, choosing whether to access the facilities related to the desired money.

At this point, the foundation has the opportunity to obtain certain reports and information that will enable them to distinguish clients in a safe and healthy way. Customers can then conclude security contracts or open files in a short time. Without going to extremes like collecting information between guarantor, bank, professional, etc., this innovation will help reduce overall costs for now (although the backup costs must be close to what is needed). for collection and backup.

This was stated by the relationship between IBM and Bank Mutur Arkea, who recently announced that they had completed their first blockchain project to improve the bank's ability to verify the type of customer. The consequences of this effective pilot project are operating models that depend on private blockchain settings that provide customer character diagrams for all collection elements according to KYC requirements