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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