Global UAE Bank Building Blockchain Architecture for Federated and Sovereign Digital Identity
A global UAE Bank has teamed up with HashCash Consultants, a blockchain solutions firm, to enhance its financial and banking operations with blockchain-powered digital identity.
Through the strategic partnership, the aim is to create a sovereign and federated architecture of digital identity because which the UAE views as integral to all crucial banking processes and the future of finance.
Blockchain will offer immutable storage that will boost authentic identification of a person in banking activities, such as securing a loan, buying property, and getting a job. As a result, critical procedures like account opening, customer onboarding, and loan application and processing will be streamlined.
According to Raj Chowdhury, the CEO of HashCash Consultants:
“The existing manual processes make identification time-consuming and susceptible to errors. HashCash aims to streamline the process by helping the partner bank create digital identities for the customers over a decentralized network, where the customer data will be recorded on an immutable ledger, eliminating any chance of identity theft and forgery.”
The creation of trusted digital identities will be made possible by the scalability of the blockchain network and other advanced security features.
Decentralized identity management
The UAE bank seeks to adopt a decentralized identity management process by using the scalable architecture provided by HashConsultants.
As per the announcement:
“The aim is to replace the existing system of siloed identities, unsafe databases, and the use of multiple passwords, with a federated and interoperable identity verification platform.”
By adopting a plethora of high-tech mechanisms, the blockchain system will inculcate anti-money laundering (AML) and know your customer (KYC) processes through decentralization leading to the minimization of costs.
Billion-dollar firm MicroStrategy has joined the blockchain/crypto space by investing $250 million to purchase 21,454 Bitcoins as part of a new capital allocation strategy. It has crafted a name for itself as the biggest independent publicly-traded business intelligence company utilized by numerous Fortune Global 500 firms.
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