IBM blockchain assists financial institutions to comply with KYC norms

The IBM High-Security Business network (HSBN) delivered via Bluemix, IBMs cloud platform will secure the IBM Blockchain based solution. This enables the fintech to handle sensitive data with additional levels of security that can help protect against unauthorized access and tampering. KYCK! is a startup, co-founded by three Singaporeans to provide users with information pertaining to the Southeast Asia Exchanges and access to brokerage demo accounts with easy on-boarding opportunities.

This project can hold the promise to help reduce the time and expense required to on-board a new client. Immutability, traceability and privacy of the information is provided on a permissioned distributed ledger, using the open-source Hyperledger Project Fabric.

KYCK! intends to provide brokerages a platform with video conferencing and encrypted document submission capabilities for the secure on-boarding of new customers. The platform also aims to provide enhanced identification validation through a trusted blockchain based business network that will potentially include banking and governmental entities. Once identity verification is confirmed, KYCK! will enter the customers information into current bank-based checks or third-party KYCK! systems before account on-boarding.