Known for providing banking services on app/cloud that automate user wealth, expenses, payments, documents and payments, the client is a leading fintech company. With simplified, automated and real-time applications, the client allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications. Currently operating in 15 countries, the client has recently acquired one mid-size Romanian online payments company.
Since security, efficiency through paperless processes and cost reduction were the key concerns of the client, we proposed the use of blockchain technology without any hesitation. The proposal was backed by the following reasoning-1) Security:
The shared documentation of transactions can only be updated and/or modified with consensus on a blockchain network. If the majority agrees to update a record, then the information is edited. Besides, when a transaction is approved, it gets encrypted and connected with the previous transaction. It directly implies that no one person or party can abridge the records.2) Efficiency:
Since blockchain includes only one ledger, it eliminates the need of maintaining multiple documents. Also, it gives unified access to the same information, making it easier to establish trust. Consequently, it allows smooth settlements without any need for intermediaries.2) Cost Reduction:
As blockchain fosters trust between you and your trading partner, it automatically eliminates the need for third-parties and middlemen. It can prove a significant cost-saver. Also, as everyone gets to view a single immutable version of the ledger, cost and effort spent on documentation get reduced. After zeroing on the decision of blockchain technology usage, we divided the solution into two parts2) Selecting the Right Blockchain Technology:
After doing the SWOT analysis of all the available blockchain technologies, we concluded that Multichain was the perfect match for our client’s needs.
|Tune consensus Parameters|
|Smart Contract Support|
|Support for multiple assets|
Banks/ Financial Institutions maintain Know Your Customer (KYC) data using the custom key with different attributes like customer ID or one of the identification number. But most of the blockchain technologies don’t provide custom key-based search, which makes the search ineffective. With the help of Multichain’s feature that supports custom key search, we constructed our KYC storage system on top of Multichain quickly.
Futurism believes communication between customer and company is the key success factor in any business relationship. If you wish to make an inquiry, or require information regarding our services, please get in touch with us.
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