Why blockchain in banking?

30 Sep 2022 By PAYCEC

Because information is updated and all parties have access to the same distributed database, blockchain can help improve transaction transparency.

Blockchain companies such as 1/0 Digital, Sho Card, Uniquid, Onename, etc., enable banks to scan customer information, then generate private and public keys to seal the data before it is encrypted.

A few fintech startups, such as Chainalysis and IdentityMind Global, have held the promise to help banks meet KYC and AML requirements as they consider providing banking services to bitcoin-related businesses.

This raises concerns about whether Bitcoin users' privacy will be protected as banks attempt to comply with regulations requiring them to understand their customers.

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