30 Sep 2022 By PAYCEC
Blockchain can help improve transaction transparency because information is updated and all parties have access to the same distributed database.
Blockchain companies such as 1/0 Digital, Sho Card, Uniquid, Onename, and others allow banks to scan customer information and then generate private and public keys to seal the data before encryption.
Several fintech startups, including Chainalysis and IdentityMind Global, have promised to assist banks in meeting KYC and AML requirements as they consider providing banking services to bitcoin-related businesses.
However, this raises concerns about the privacy of Bitcoin, since users as banks attempt to comply with regulations requiring them to understand their customers.
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