This year financial institutions have a golden opportunity incorporating blockchains at their very core – transactional and informational exchanges. As their seek to build the trust of their customers, transforming the way they engage with them, Decentralized ID is a tool to both empower the customer and to create a bond between the user and the institution. A groundbreaking blockchain application, Decentralized ID (DID) presents a major opportunity for many enterprises in various industries that involve KYC (Know Your Customer) parameters used in authentication and AML (Anti-Money Laundering), as well as answers a basic need of consumers as they go about their day using and authenticating with various apps that involve payment or transfer of sensitive data. As blockchains become even more ingrained in everyday bank and financial insitution operation, keeping the control of the ID in users’ hands is essential. As financial institutions try to build loyalty among new and existing customers, they will develop platforms that ultimately enable the customers retain control and motivate them to share the data.
Blockchain & Cybersecurity
