- It’s called Consonance
- The technology will facilitate the verification of customers and the exchange of information between different banks
Pakistan Banks Association introduces blockchain technology platform KYC (“know your customer”). It will be developed by Avanza Group.
So, the service will be called Consonance. It will allow different banks to unify customer data and exchange it through a decentralized secure network. The technology will also improve the quality and speed of customer service, developers from the Avanza Group promise.
The economic effect will also be important. After all, banks will be able to verify their customers using the results of past KYC procedures from other platform participants. This will reduce their financial costs and speed up the verification itself.
Avanza Group noted that all actions will take place with the consent of customers. Individuals must consent to the collection and processing of their personal data.
This program is part of the global strategy of the Central Bank of Pakistan. Now the country wants to strengthen control over terrorist financing, money laundering and other illegal operations.
Previously, some Pakistani officials have stated that they see no prospects for the introduction of cryptocurrency. However, it is recognized that blockchain technology will be useful for solving many other problems.
The topic of KYC is ambiguously perceived by members of the crypto community, because it nullifies anonymity – the main principle of the blockchain. Recently, a scandal broke out with Uniswap about this.