Managing Identities Takes More Skills

Judy Rubio

Blockchain technologies have entered many major industries and there are more and more sectors that are ready to adopt the blockchain approach to make their infrastructure more efficient and productive. One of the most progressive brands is HashCash. Its executives state that they are planning to offer a deal most banks won’t resist. The team is ready to create a special instruments that will serve many purposes while performing digital identification.

As major news agencies report, the company claims most banks are ‘chief arbiters’ and their main mission is to estimate people's identities. To accomplish this task, the system would require blockchain technology and the right set of skills.

The identification of a customer must be accurate. Banking activities cannot exist and operate without this essential feature. Nevertheless, all specialists admit that the system currently employed by banks is far from being perfect and needs to resolve several key issues. Manual operations and processes that identification requires at present are too time-consuming. They are also prone to errors.

Luckily, HashCash’s team can offer a range of solutions since the company considers streamline procedures by assisting the partner institution to create digital identities and apply them to the clients across a network that wil be fully decentralized. That will be the area where all users’ data is saved and stores. This approach eliminates many risks – banks will protect their users from forgery. More than that, they will stop identity theft.

Newly Offered Identity System

Many banks announce that they are ready to utilize the blockchain-based digital identity system developed by the company. One of the brand’s potential clients would be a bank located in the UAE. Representatives confirm that there is a foreign bank willing to establish a partnership with HashCash.

However, executives do not yet reveal which institution it is. In the future, the company is going to create a special architecture that will be employed in various banking processes. Developers wish to simplify identity verification.

Additionally, they will make it possible to streamline customer onboarding. Some other features will include loan applications while others will deal with its processing. These are just some of the options that the developers can offer. Soon, the team will reveal further achievements in this area. Having a bank account means that the person has the right to purchase a property. He can then secure a loan or get a job.

On the other hand, the manual processes that the current system relies on are too time-consuming. Representatives claim that the firm’s digital identity system will create digital identities for potential customers. It will be all done on a decentralized network so users can feel safe and secure at all times.