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14-12-18 0 Vues

Most, if not all, Banking systems are built around Centralised Databases. Centobot The costs, labour, time, and risks of frauds involved in reconciliation and processing of billions of transactions is a challenge that the Banking Industry, even after so many up-gradations, has not been able to address. The global success of Bitcoins and other crypto-currency has shown the Banking system how advantageous blockchain technology can be, when it comes to reducing online banking frauds.Blockchain can provide the ultimate solution for solving the costs involved in KYC Verification, Due Diligence, and Credit Underwriting, by allowing the independent KYC verification, due diligence reporting, and credit history of an individual or a company done by one entity to be accessed by every other organisation. This can also be used for countering Money Laundering.




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