Blockchain is more than just a buzzword. It’s already being used to solve real-world problems in a number of industries. But how does it work? In this article we explain what distributed ledger technology and blockchain are. We also explain how these technologies work to keep data secure, create sovereign identities, and streamline KYC processes.
Before the rising popularity of the internet, most people relied upon only a few forms of offline identity. As more people started to utilise web-based technologies, we saw a rise in the creation of several, disparate digital identities. As a result, end users today are finding it more difficult to manage data across various platforms while also maintaining data privacy. This is all part of the complex history of digital identity.
Identity and Access Management (IAM) is increasingly important in finance for quite a few different reasons. First, we have continued to see an increase in the number of regulations surrounding data privacy. Initiatives like GDPR are being passed by various legislative bodies from around the world, ensuring that businesses establish better data privacy measures.
Even though consumer fraud remains a large issue for millions to billions of people annually, many tend to forget about the significance of business fraud.
Topics: Fraud prevention
In a manner of just a few years, blockchain has already begun to emerge as a technological game-changer for the financial services industry. The positive impact of this relatively new technology is only just beginning.
When looking at the early history of blockchain, controversy has loomed at times. This is especially evident with issues surrounding cryptocurrency. ICO fraud, failed blockchain projects, and the so-called bitcoin bubble of 2018 have all acted as major obstacles to the adoption of blockchain technology itself.
Globally, the amount invested in ICOs (initial coin offerings) for blockchain companies has increased by over 400% since 2014. With more and more blockchain companies launching and growing awareness of the benefits of using blockchain, more people are looking to invest in these innovative companies.
It has been an exciting past couple of weeks since announcing our official Token Main Sale date, slated for 18th October. Investors all over Asia have demonstrated a high level of interest in SingleSource, so I recently hopped on a few planes across to Hong Kong and Kuala Lumpur. We participated in a couple of high quality private meet ups with investors, customers and blockchain enthusiasts organised by our partner, NxTLvL Consulting. I've managed to meet some great people and learn a lot on this investor roadshow in Asia, so I've provided you all with a quick summary here.
Money laundering continues to be a pervasive crime throughout the world. Over the past few decades, criminals have managed to find ways to work around AML requirements. However, this is quickly changing as new AML policies and financial technologies are beginning to strengthen enforcement capabilities.
SingleSource is a decentralised identity protocol and risk scoring protocol (“SingleSource protocol”) that draws on the key principles of a self-sovereign identity, solves the problem of trust and enables global interoperability between various platforms.