The KYC blockchain should allow 'financial institutions to validate the trustworthiness of data present in the distributed ledger technology (DLT) platform.' blockchain KYC DLT
Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge
Participants are expected to create a platform that “enable[s] transparency and immutability,” according to the AFCM. Such a KYC platform would, in turn, “allow financial institutions to validate the trustworthiness of data present in the distributed ledger technology platform.” Blockchain will allow for an accumulation of data from multiple authoritative service providers into one single, cryptographically secured database. KYC verification through this type of architecture has the ability to be faster, more secure and more efficient than current verification procedures.
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