Jan 18, 2020 in BlockChain
Q: What are the benefits of blockchain?

1 Answer

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Jan 18, 2020
The existing data centralisation model makes organisations particularly

vulnerable. The number of cyber-attacks is on the rise and with it, the

theft of millions of customers' personal data. Yahoo: 1 billion accounts

hacked in 2013, 500 million in 2014; eBay: 145 million hacked in 2014;

LinkedIn: 117 million in 2012; JPMorgan: the accounts of 76 million

retail customers and 7 million institutional customers hacked in 201418.

On the blockchain, data is not stored on a central database and

information is protected.

Blockchain technology would lead to substantial gains by pooling

processes through a shared, encrypted database. Goldman Sachs

considers that consistent, coordinated use of blockchain technology in

banking could save the industry between US$ 3 billion and US$ 5 billion

a year in KYC and anti-money laundering (AML) costs 19.

Thanks to InterchainZ, a project borne out of a joint initiative between

PwC KYC Centre of Excellence and the company Z\Yen, a KYC database

prototype has been created using blockchain technology.

The idea is to store and encrypt customer data and verify20 all those

consulting their documentation as well as any changes made (marriage,

death, etc.). Customers are given an individual encryption key which

they then choose whether or not to make available to financial

institutions.

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