How is blockchain used in banking? / How can banks use blockchain technology?

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.

Read more:

Have other questions?

If you need further assistance or answer, please don't hesitate to contact us.

Have other questions?

The Media

Finextra One IBC Yahoo Finance
About us

who we are

about us

We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

We will contact you shortly.

Email Phone
Scroll top