Indian Startup Uses Blockchain and Watson to Speed up Banking Compliance

Blockchain, Artificial Intelligence, and Machine Learning are three buzzwords (four if you consider Bitcoin as well) dominating the internet. An Indian startup, Signzy Technologies has combined all the three to create a digital trust platform that speeds up compliance in the country’s banking sector.

Signzy has leveraged on the vast capabilities of IBM’s Hyperledger Fabric Blockchain service and Watson cognitive computing and machine learning platforms to come up with the innovative product. According to IBM’s recent press release, the Signzy service will be capable of cutting down the identity verification and KYC compliance process for the banks by over 80 percent. IBM Watson’s intelligence and pattern recognition capabilities will play an important role in fraud recognition while the blockchain ensures privacy and security of the collected data.

The services provided by Signzy is said to be in accordance with the compliance requirements set by the country’s central bank — the Reserve Bank of India. As most banks rely upon manual verification at the moment, the technology platform will make the task easy for the institutions, helping them detect fraud, money laundering, financing of terrorism, identity theft and other illegal activities.

In order to use the system, banks will have to

Read more ... source: NewsBTC USA

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