Announcement of the Completion of a Proof-of-Concept for the Potential Use of Blockchain to Increase the Efficiency of KYC Compliance
TOKYO, JAPAN / ACCESSWIRE / May 28, 2019 / Soramitsu Co., Ltd.(Soramitsu, below) and PT Bank Central Asia Tbk (BCA, below) tested a self-sovereign identity solution for companies in the BCA Group, using the open source distributed ledger (blockchain) Hyperledger Iroha. The solution is based on the advanced concepts of decentralized digital identifiers, verifiable claims and cryptographic algorithms that will lower the costs of the KYC procedures while speeding up the customer onboarding process and other business processes.
Soramitsu is a blockchain technology company based in Japan, focusing on developing a digital
identity platform for blockchains.
Distributed ledger (blockchain) technology is what powers decentralized applications. It allows the mathematical verification of actions created on the network, such as creating and verifying claims related to the identity of individuals. In this self-sovereign identity solution, Hyperledger Iroha plays a vital role, as it stores cryptographic proofs of the verified documents that are shared between the collaborating partners.
Hyperledger Iroha is a software framework administered as part of the Linux Foundation's Hyperledger Project. Hyperledger Iroha specializes in creating highly responsive and performant applications for end users to interact with, such as mobile and web applications. Role-based permissions to control actions on the ledger, as well as a highly optimized data model, allow Hyperledger Iroha to securely and quickly process data. This makes the framework useful for identity management, digital payments, contract administration, and supply chain management, for example.
Hyperledger Iroha represents a key component in the developed self-sovereign identity solution, as it is the only enterprise blockchain platform with built-in financial and identity management capabilities, fast and secure consensus algorithm, and an easy-to-use permission model.
Soramitsu is a blockchain and FinTech startup that initially created and is a co-maintainer of the distributed ledger platform, Hyperledger Iroha. Soramitsu aims to create a safe and convenient way to manage digital identities using blockchain technology. As a member of the Hyperledger project, which is being managed by the Linux Foundation, Soramitsu aims to contribute to software standards for blockchain and distributed ledger technology. Soramitsu is also using Hyperledger Iroha to build a payment system for the National Bank of Cambodia and is using Hyperledger Iroha to develop an innovative model for a decentralized autonomous economy called Sora (XOR; sora.org).
About PT Bank Central Asia Tbk
BCA is one of the leading commercial banks in Indonesia with a core focus on transaction banking business and providing loan facilities and solutions to the corporate, commercial and SME and consumer segments. At the end of September 2018, BCA had the privilege of serving 18.5 million customer accounts, processing millions of transactions every day through 1,243 branches, 17,440 ATMs and more than 500,000 EDC machines, as well as transactions made over the 24-hour internet and mobile banking systems.
Soramitsu Co., Ltd.
Jingumae Tower Building 13F,
1-5-8, Jingumae, Shibuya-ku,
Tokyo, JAPAN 150-0001
SOURCE: Soramitsu Co., Ltd.