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Tuesday 11/9/2018
Dave Remue

Blockchain technology looks promising to fundamentally improve the ‘know your customer’ (KYC) process with financial institutions and at the same time to empower corporates to manage and control their digital identity.  A distributed shared ledger allows participating banks and other organisations, such as government institutions, to share updates on corporate profiles instantly within the parameters set by the corporate itself, and this in a privacy preserving manner and with full audit traceability.  B-Hive, a fintech innovation collaborative platform, started exploring with its partners last year the creation of a blockchain platform to simplify identity management for corporates and KYC which could significantly reduce the onboarding time for business customers and reduce KYC costs significantly.  Following iterative development of a proof of concept based on Hyperledger, we are now conducting extensive pilot testing with Isabel, KBC, Belfius, ING and BNP Paribas Fortis.