HashCash Consultants is lately working with a global bank in Singapore and is going to help the latter with their cutting-edge blockchain-backed digital identity solutions. The leading blockchain development company will leverage its highly scalable native blockchain network HC Net, to develop a superior banking infrastructure that will streamline the core banking operations, and will ensure better virtual engagement with identity verification, onboarding process, and more. The blockchain integrated infrastructure will have augmented security protocols for the fortification of the entire system.
This project was incepted in the wake of the COVID pandemic, where the social distancing protocol surfaced multiple operational flaws within the banking and financial sector. In recent months, the inefficiency of banks to cater to customers with remote services has notably surfaced.
Speaking about blockchain-based digital identity for banks, Raj Chowdhury, CEO of HashCash Consultants mentioned, “It’s been more than a decade that we have had digital banking but the industry is yet to explore its full potential. Now with the advent of blockchain comes a great opportunity for the much-needed modernization of the banking sector. The existing banking structure lacks in supporting full-fledged remote operations, which given the current situation should be of precedence. With this ongoing project, we aim to create a highly scalable and futuristic, and technologically advanced infrastructure to streamline the banking operations.”
Whether it is as simple as opening a long-term deposit account or savings account or to apply for a loan, consumer id verification is mandatory to the banking operations. Although there is digital banking, still major operations are tied to manual processes that bring out the major lack of automated protocols. HashCash Consultants’ blockchain-based digital identity verification solutions will be integrated with the Singaporean bank’s system enabling a scalable and enhanced infrastructure to execute all important tasks efficiently.
It will become safer and easier to execute KYC and verification processes remotely and while doing so the advanced system will also accelerate the onboarding of customers. The advanced security offered by blockchain will ensure the consumer has absolute control over their information as well.