Cryptocurrencies are still the focus of many news headlines and topics of conversation, but the underlying potential of the blockchain technology that crypto is built on still holds more promise for the development of groundbreaking improvements in a multitude of industries.
Even though blockchain technology has the potential to be applied to all manner of solutions - from healthcare to supply chains and everything in between - many of the initial use cases it’s being tested in are, unsurprisingly, other financial services.
The latest significant exploration of blockchain’s application to the financial industry is reported to be being carried out by the London Stock Exchange Group, which has been investigating the deployment of a blockchain-based financial assets trading platform for the past year and has recently decided to take the next step after deciding that the technology and investors were ready.
According to Murray Roos, LSE Group’s head of capital markets, cryptocurrencies don’t feature in this development; instead, the move to blockchain technology is simply to take advantage of the improved efficiency of buying, selling and holding traditional assets. Blockchain solutions bring improved efficiency in terms of both time and cost, but there are numerous other benefits that can be seen through the use of a distributed ledger, including fraud prevention, immutability for auditing and security, and the ability to facilitate new avenues of business.
Another key aspect of the LSE Group’s new endeavor will be its compliance, with Roos telling the Financial Times: “The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent . . . and to have it regulated.”. Naturally, the LSE Group will have regulatory compliance at the forefront of its products and services and as blockchain-based solutions move further into the mainstream this decision should be consider the de-facto position for companies to take, as only through compliance with regulations will mainstream blockchain (and cryptocurrency) adoption ever take place.
Of course, Blockpass is already here and prepared to help any who need verification services. Whilst the focus in the cryptosphere is very much still on finance, Blockpass’ solutions are perfectly suited to facilitate compliance in any industry. With a focus on privacy as well as usability, coupled with the constant monitoring and updating of solutions to adapt to upcoming needs and regulations, Blockpass allows any business, no matter the size or focus, to undertake their work in a safe and compliant manner.
The Blockpass platform is fully automated and hosted in the cloud, with no integration or setup fee. Businesses can sign up to the KYC Connect console in a matter of minutes, test out the service, and start conducting identity documents verification, KYC and AML checks. Take a look at Blockpass' groundbreaking crypto compliance solutions:
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By Matthew Warner