Use case – Banking
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Blockchain - the foundation of trusted onboarding and e-signature
The stage of getting to know one's customer is important for the further course of cooperation. Companies in some business areas, such as banking, are even legally obliged to check the profile of the person interested in their services. This ensures that the business entity will not decide to cooperate with an uncertain stakeholder. Thoroughly analyzing information about a potential customer is a several-step process. It is possible to automate it through onboarding tools. Finalizing all business formalities can also be aided by the use of an electronic signature. The use of blockchain technology in the onboarding and e-signature process ensures efficiency and unassailable operations.
What is blockchain?
Blockchain was created to transfer and store data. This is done through the use of numerous nodes on which data is stored, rather than in one central database. Each is described by a unique symbol - a hash. Although for many blockchain is still associated only with cryptocurrencies, it also has applications in other areas, including digital onboarding. The method's distinctive structure is associated with many benefits for businesses in various industries.
Advantages of using blockchain for onboarding and electronic signature
Digital Gateways uses the private blockchain offered by KIR. Two of the company's products make data available on a durable medium. These include:
- audit log of the onboarding process and its individual parts,
- e-signature as part of trust services.
As a result, the document sent by the customer has a hash assigned to it and is retained on the blockchain network indefinitely. A file registered in this way provides permanent audit proof proving that the file has not been modified. The important thing is that not only attachments added by the customer are archived. The audit log also makes it possible to control and record every step of the onboarding process performed, i.e. it provides indisputable audit proof on a permanent medium. Thus, it is a guarantee of security at the highest level. In addition, the distributed data storage environment is extremely efficient and effective, which supports the handling of complex activities. An area that involves multifaceted processes is banking.
Onboarding and digital signatures – the new meaning of security
Digital Gateways uses the private blockchain offered by KIR. Two of the company's products make data available on a durable medium. These include:
- audit log of the onboarding process and its individual parts,
- e-signature as part of trust services.
As a result, the document sent by the customer has a hash assigned to it and is retained on the blockchain network indefinitely. A file registered in this way provides permanent audit proof proving that the file has not been modified. The important thing is that not only attachments added by the customer are archived. The audit log also makes it possible to control and record every step of the onboarding process performed, i.e. it provides indisputable audit proof on a permanent medium. Thus, it is a guarantee of security at the highest level. In addition, the distributed data storage environment is extremely efficient and effective, which supports the handling of complex activities. An area that involves multifaceted processes is banking.
Digital Gateways services in banking
DG is the only entity in the Polish market to offer onboarding methods using blockchain technology for comprehensive customer verification. Among the companies that have taken advantage of the potential of this solution are already many organizations. Confirmation of identity, analysis in separate databases, plus electronic signing of necessary documents, are changing the face of modern and secure banking.
A person interested in the bank's services, thanks to blockchain-based identity verification, can complete the necessary formalities anywhere and anytime without jeopardizing the security of his data. It also reduces the unnecessary proliferation of paper printouts. More importantly, every signed document or step of the process is recorded thanks to the aforementioned qualified audit log (event log) solution. Even if the user forgets what steps he performed in the online process, they will be documented. Thus, in court cases, the bank's customer will not be able to challenge the authenticity of the data due to the permanent audit trail. The unique code given to uploaded documents will allow the user to reach the file without any time limitation. Even if the user no longer uses the offer of a given banking institution, the network elements important to him will be recoverable through KIR.
