Financial and capital markets use the KYC (Know Your Customer) system to identify "bad" customers and minimise money laundering, tax evasion and terrorism financing. Efforts to prevent money laundering and the financing of terrorism are costing the financial sector billions of dollars. Banks are also exposed to huge penalties for failure to follow KYC guidelines. Costs aside, KYC can delay transactions and lead to duplication of effort between banks.
Corporates leverage their immovable, movable and intangible assets to raise debt. This creates charges such as hypothecation, lien, mortgage, pledge.
Primechain-eKYC is a permissioned blockchain for sharing and monetizing corporate KYC and charge related records.
Primechain-eKYC records are stored in the blockchain in an encrypted form and can only be purchased by banks that have been "whitelisted" by the issuer bank. This ensures data privacy and confidentiality while at the same time ensuring that records are shared only between banks that trust each other.
|Sample application with source code|
|Node on shared blockchain|
|Suitable for intra-organization use (within the organization)|
|Suitable for inter-organization use (shared by multiple organizations)|