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Security Tokens: A Comprehensive Overview

A security token or STO is a portable device which helps authenticate electronically by storing some personal details. To grant access to a network service, the owner plugs the security token into a system. As security tokens are backed by assets, cash flows, or profits, they carry an intrinsic value from the moment they are…

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Ontology Blockchain Is Gearing Up To Issue Approx. $100 Million Paxos Stablecoins

According to news reports in April 2019, $100 million worth of stablecoins have been issued by Paxos to Ontology. Ontology declared that individuals and businesses will gain access to its fiat-pegged tokens using Ontology’s ONT token. The new version of PAX will follow the OEP-4 token standard of the Ontology blockchain. This token will also…

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How To Improve KYC Guideline With Blockchain?

KYC or Know Your Customer is a popular term that you would often hear in your day-to-day life. Financial institutions are emphasizing on completing KYC to have authentic data of their customers. This is not only to keep the data of the customers but also ensures the bank about the authenticity of the customers. KYC…

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How Blockchain Can Help Banks In The KYC Process?

KYC or “Know Your Customer” procedures are used by banks and other financial institutions to obtain information about the identity and address of the customers. The KYC process helps to ensure that the banks are not misused by the account holders for illicit activities like money laundering. But the current procedures used for verifying customers…

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Top 3 Projects Solving Real World Problems Using Blockchain

With so much hype surrounding blockchains and cryptocurrencies, it could be hard to separate the signal from the noise. Initial Coin Offerings raised a total of over $5.5 billion in 2017 and over $6.3 billion in just the first quarter of 2018. Despite the enormous money raised and a good amount of time being passed, very…

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How Blockchain Can Be Used In KYC & On-Boarding & How It Works?

Know Your Customer (KYC) processes require banks to validate and verify primary documents as part of due diligence. Currently, KYC utilities that help manage these documents and share them with multiple entities flood the markets. In some cases, these services may even perform due diligence. However, regulations are such that due diligence and investigation tasks…

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What is KYC & How KYC on Blockchain Can Help?

Know your customer (KYC) is the process of a business, identifying and verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities. AML & KYC are used interchangeably sometimes. Though they are completely different standards & regulations. Blockchain can be used to do the…

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How Businesses Can Save Time & Money Using Blockchain-based KYC?

KYC is a cumbersome, time-consuming, arduous and expensive process in the banking sector, financial institutions, and other businesses. There are many challenges in KYC processes, which primarily involve huge costs, effort and time. Hence, with centralized databases, the process has become quite a sort of a headache to banks and other businesses. So, let’s see…