Leading the Transformation

Is India's KYC system as near as you can get to imagined Blockchain-based KYC, without really having it implemented on Blockchain technology? I have pondering on this question for last several months and haven't been able to say that it does not. KYC-AML has been one of the first talked about use cases of the blockchain. Proponents have counted several benefits of the same and also justified how blockchain will easily get rid of the inefficiencies of the existing KYC process. However, when you look at how KYC has taken its shape in India, most of these inefficiencies are already gone. Let's look at various benefits that we believe blockchain will bring to KYC process. Blockchain’s DLT will enable permissioned nodes (the participating banks) to access, edit, contribute and validate user data in a trustless environment. - If we compare it with India's KYC process, where KRAs (KYC Registry Agencies) such as CVL, and NDML are registered with SEBI. These KRAs maintains the K...

A lot has been said about UPI, however still, there are doubts floating around. Key questions that many of us are asking are: - How is it different from mobile wallets? - What is the role of BHIM application in overall UPI landscape? Will BHIM help UPI by giving it a face? - Will UPI succeed in India, while facing competition from private PSPs? OR they will become collaborators? So let's try to understand what is UPI. If you really try to visualize the UPI, it is like a pipe with various exits. These exits are connected to different addresses of financial institutions that include entities such as banks (payer or payee) OR mobile wallets (as of payee only) that hold money on behalf of its account holders. BHIM app is the only entity on this tunnel that doesn't hold any money, instead only represents the user accounts owned by other entities. In the financial world, each financial institution maintains user accounts, which on registration for UPI will be given a Unique address, ...