Blockchain based shared ID plat­form Reg­u­la­tors

Banking Frontiers - - Blockchain -

and fi­nan­cial ser­vices in­sti­tu­tions in Ja­pan are work­ing to cre­ate a block-chain-based plat­form that can share cus­tomer in­for­ma­tion be­tween banks. Fi­nan­cial Ser­vices Agency, the fi­nan­cial reg­u­la­tor, is de­vel­op­ing this ID plat­form, which will be pow­ered by blockchain, which will fa­cil­i­tate cus­tomers to in­stantly share their per­sonal in­for­ma­tion at mul­ti­ple banks and fi­nan­cial in­sti­tu­tions. The plat­form will al­low a bank ac­count holder to reg­is­ter for a ‘shared ID’ which could then be used to open another ac­count at a dif­fer­ent bank. The ap­pli­cant would be re­quired to pro­vide the shared ID through a smart­phone app au­then­ti­cated through a fin­ger­print or a fa­cial scan. The per­sonal in­for­ma­tion and data mak­ing up for these shared IDs will be en­tered, recorded and se­cured over a shared im­mutable blockchain de­vel­oped by the FSA and other fi­nan­cial in­sti­tu­tions. The FSA will be set­ting up an ‘ad­min­is­tra­tive body’ to over­see the shared ID.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.