Bitcoin Forum

There are factors to consider like the required KYC documentation for the chosen bank account and AML stuff. Selfkey would be releasing their bank accounts marketplace though. It seems like it will make the application process more efficient and easy that it can be completed in a matter of minutes. What are your thoughts on this?

Well, it may make things more easy depending on the way it will be applies, and I don’t think blockchain technology will stop the issue of KYC, kyc will still be requested from majority of people that will still use the bank, but with blockchain technology applied to banks, I think It will still favor the bank users more than even the banks itself, especially the banks that will truly apply it, because when it comes to blockchain technology, it comes with decentralization and we all know the advantage of decentralization to people.

It will bring about transparency in the banking sector, secondly, it will make transactions faster and at the same time, eliminate anything third party that has always made thing quite cumbersome and more expensive for people.

So true! I could imagine faster transactions and cheaper rates. I'm waiting for them to add more banks in their marketplace though. I can see that the team is delivering well according to timeline they've set so I'm hopeful this would work out well.

So far I only use real bank accounts that I made through direct banks, and I never thought that creating a real bank account using a blockchain would be easier, because this Selfkey has not been implemented by banks in the country I live in, and myself also just heard about Selfkey yesterday, if Selfkey really helps bank customers, it's worth a try.

Could you please elaborate more on the red and bolded text? Like how would they do that.

For now, I don't think the rules will change, not with the KYC and AML processes required from the banks. They cannot do away with it even if they are going to use the blockchain technology in their banking system. The KYC and AML are required by law. Duly registered banks are bound to stay within the existing legal policies and regulations. 

Ease is a matter that is put forward in the use of the blockchain. My opinion about this is only limited to ordinary breakthroughs. Because the use of real banks is easier and more efficient in my opinion. Hopefully Selfkey who will release their account market really becomes a convenience.

if it is centralized and an actual bank is involved then it doesn't make any difference whatsoever if they are using blockchain or not. everything will be the same as always for the customers, KYC, control over funds, services, corruption,... will be the same.
but if it is decentralized and no banks involved then what you open can no longer be called a "bank account". it is your keys in your wallet with you having the full control and not needing any third party's hand in your pocket.

I don't think it would be easier even with selfkey but it may be safer or secure. The problem is that most banks may not want to deal with other blockchain companies like selfkey.


With regards to KYC, self-key claims the customer have full control over their data

I can't think on how the process will be. That means when you open a bank account which will be on the blockchain network, others may see it?

Exactly. People are really funny when they say they don't trust the banks and the government, and then they keep all their funds on an exchange where they don't even know the CEO or any of the management. And then they think they're using crypto and being in control of their own money. That's really silly, but whatever people think works for them I guess.

From what I know, they are reliant to a 3rd party identity service to take care of any KYC/AML compliance needs, though most banks still need personal visits for you to officially open one. But they claim that they'll be adding banks that won't need personal visits soon. I hope it's true.
About the red bolded text, here's what I meant by that: https://selfkey.org/bank-accounts-marketplace/

I am not yet familiar with SelfKey, the stages of making a wallet must submit KYC and it will take time for the identity verification process, it will take longer if verified manually. In contrast to making blockchain wallets that are very fast and even completed in one minute

I think its easier when going to KYC process on using blockchain than going personally on their office. because not all people are living in the city mostly in the rural area where the office of the bank is far away.

It is more convenience if they can minimize the struggle and make their clients more convenience when they want to open a bank account. by implementing blockchain technology this can be solved however there still be negative consequences but overall it gives us more convenience than going personally on their office.

People would prefer to do it online than going to the bank and fall in line.
The technology now offers us a chance to make our life easy so I think blockchain would be helpful enough for the banks to conduct a KYC process.
My personal experience tells me that opening a bank account online is easier and faster, although It was not done through blockchain but I know with blockchain it would be more safer and easier.

Bank has to adopt with this new method, they just have to ensure that this KYC won't leaked.

Integrating real world banking on the blockchain. I have some worries where do one complain should they have a problem with their account on self key as selfkey is adding real world bank to its blockchain platform not creating its own banking system. Secondly will these banks also be accessible offchain or access is solely on chain on selfkey blockchain?

yes I agree with your statement, because by offering all the facilities available, it will give freedom to a users in making every payment transaction,only by using an application. of course this will be very beneficial through the application of blockchain technology into banking.

Open new banks account always takes less than a hour. Passing kyc may take more than a week. And there are always a risk of leaks of your data

As far as am concerned, blockchain technology is here to make things easier and more efficient. With blockchain technology, the kyc needed by the banks could be carried out much faster and individuals could complete their kyc from the comfort of their homes.

It takes you the same time. I was yesterday in a bank and it took me roughly 30 mins to register and to get a bank account. With all MEW downloads, KYC verifications and all that stuff, if you have everything prepared it won't take long as well.

In their case, they created a marketplace for these banks to make it more convenient since they can all just be accessed through a single app. I guess their KYC process is much faster too since they're using their own decentralized identifier. In that way, you won't be needing to fill up your KYC info over and over again for any future applications.

True. But I don't think blockchain alone is the answer. What Selfkey claims is that they let you take control of your KYC information (they store it locally on your device) since massive data breaches are prevalent these days

So, it makes some strange things.

You may deposit usdt from your bank account or something. Your information will be confirmed by the banks too

But, where's my anonymous thing? i mean, we always feel worried about personal life, blockchain can helps us. Not the bank where your account will be checked many times by govement.

it is not about being easy. it is about what you get in return.

otherwise using bitcoin is so much easier than going through the agony of using a bank. it is so much safer and cheaper in comparison too. but it is an unfair comparison because the two are serving two different purposes.
bitcoin is created to give people the financial freedom since it is the only decentralized currency while banks exist to offer people a lot of different centralized fiat related services.

Blockchain technology does have tremendous advantages. In terms of information preservation and data recording, at the same time, the blockchain needs 5G technology and artificial intelligence to work together, I think it will be better.

i think , opening a real bank account could not be much easier using blockchain, because Blockchain technology does have tremendous advantages. In terms of information preservation and data recording, at the same time, the blockchain needs 5G technology and artificial intelligence to work together, I think it will be better.

To be honest, opening a real bank account is very hassle. Bank always ask for so many requirements to have your bank account aside from valid id you need to provide your proof of billing and proof of income. Aside from blockchain that you only have to fill out some personal information or KYC to use blockchain.

Am not seeing this coming to real life because, banks will not adopt Blockchain totally as they will.still stick to their know your customers. Blockchain will solve many issues affecting the financial world but humans will not allow, especially the government who have constantly enslave us. I hope they realizes the power of the Blockchain and its transparency.

yes I will open and create an account with him. and I think that's good news for us as users of the crypto world. because the development of the wallet is very supportive for the development of crypto as well. the improved wallet and services can certainly make us be calm in saving our digital money. but I hope that if possible KYC will not be held again so that we do not have the bad thought that our data is being sold by them for the development of their popularity.

This seems so sometimes most especially when some exchanges or project with the requirements of Know Your Customers, there will still be multiple participation which kill the project I. The the end.

There have been many possibilities in the blockchain space already, all that is needed is for the team to have the right knowledge and experience to develop their idea.
This is my first time of hearing about Selfkey though and i will take time to study all about them, however am happy a project is taking this step because opening a bank account via blockchain will lead to a more better world one which will remove third-parties, unnecessary charges etc. Although there will be KYC so as to obey regulations but privacy and security of users data will still be assured, all thanks to blockchain.

This is my first time to hear that and just curious about how that bank account marketplace works? selfkey is not even cooperating with an institution of bank and how it can call to build the bank account marketplace?
I thought that if that can be an illegal marketplace. Basically, you just need a few minutes to open a new bank account and that doesn't need a lot of time but the mechanism that has been introced by selfkey looks very complicated for me.
I just wanna know how about the legal view for that bank account marketplace that will be made by selfkey.

Yes, it's probably the first time that you can actually open a real bank account from a cryptocurrency wallet. They have actually added banks from Singapore and Hongkong already but all of these still require personal visits but pretty soon, they said they'll be adding more banks that won't be needing personal visits though. And everything would be legal as they are still in compliance with KYC.

Basically, instead of relying on systems with centralized databases, SelfKey enforces that we individual have sole control for our data since it's just locally stored on your local storage. That would mean your data would be safe incase those 3rd party's servers are hacked. Problem is you'd need to be knowledgeable as well on how to safeguard your own data.

I think eventually banks will themselves be using blockchain in all their services and use cases from account opening to payment transfers to global remittances all these can be made efficient, transparent and cheap using blockchain technology so banks no matter how much they are trying to avoid it will still implement blockchain soon amd we will see.

Yeah, eventually everything would be seamless. I'm glad that SelfKey tries to tackle these kind of issues though, one step at a time.

In my opinion, blockchain technology would be making a tremendous improvement on our financial system and practices. The issue of confirmation of funds received Could be easier and more genuine. Transfer of funds could be done with the speed of light. In summary, blockchain technology would bring greater efficiency to the banking sector.

It is annoying you spend around 2-3 hours to open a bank account in my country, you need to verify your identity, proof of address, proof of income, TAX reports. While creating a Bitcoin wallet takes only few seconds.

But we can't deny that there's still no clear path when it comes to blockchain and banking fully merging. There are many factors to consider and any startup who tries to solve this won't get it the easy way. Still hoping that eventually, they'd be more open to the possibilities of what blockchain could offer.

I think there's much research to do on this and how they will implement it in a secured way because it's a very complicated process for people who doesn't have any idea on how the block chain works. However if a successful implementation can be done then opening a bank account using block chain can be much easier and faster.

This will really make the complete process of opening back account faster and easier.
Though, we have to see how the banks will use it. At the moment most kyc records are in centralized manner, introduction with blockchchain technology will definitely change it.

Blockchain KYC for banks is a good idea but I doubt if governments will like that.  They will definitely make alot of adjustments to such blockchain to make things easy for them to control.
I would love a blockchain KYC system that is very transparent, community-driven, private, voluntary,

From my point of view, blockchain now plays a huge role in all the industries, giving many benefits like higher transparency and reliability. But I wonder - what types of blockchain do you guys follow the most these days? What do you consider being leading ones?

This is indeed a good question. But from my point of view, much basically depends on concrete solutions. These days I see many platforms being built on ETH, however I am also fond of Stellar blockchain

Stellar? You know, I am now hearing more and more about Stellar. It seems that the guys are offering great opportunities for platforms

This is true. And are there many solutions you follow based on Stellar? Any you can recommend?

Well, I am only aware of Payment Porte - true fintech startup of today. Have you heard of them? Because the guys are having extremely high rating and are widely discussed these days. And they are about entirely new opportunities on the market

Porte? Sounds very familiar. Can you please elaborate in more details on what they are offering?

Yes, of course. Payment Porte is a fintech startup that is building the new wave of digital payment solutions, utilizing a decentralized, public blockchain, and distributed ledger technology. Faster, less expensive, and brighter technology, will allow individuals and businesses to modernize, whilst taking advantage of enhanced efficiency, and profitability

Wow, that sounds very attractive. And I will definitely explore more about them. And is the platform already ready?

It is planned to be launched in September. And I am also waiting to have a look at the app, when it is ready

Makes sense! And I will also be waiting for the launch. Thank you very much for your recommendation mate :)

What are you talking about , what selfkey?

If you are thinking of some kind of digital key which is unique for any of us, then it would be very similar to the KYC. ID is unique information of each of us. Im this case there is not much difference anyways.

Hmm the difference would be how the whole process is now streamlined. Aside from it having a marketplace that lists many jurisdictions in one app, the KYC process is more efficient as you won't need to complete your KYC info over and over again when you'd want to process your bank/corporate application. 'Cause as I observed, most who were looking to sign up for any financial services will find most KYC procedures create fiction, resulting in a poor user experience.

True. It might take a while before centralized entities would be more open to opportunities that can be brought by blockchain technology. But at least we can see that something is being done to at least start this kind of innovation.

Once it is done using blockchain, it isn't real bank account any longer it is blockchain banking. Yes it is possible to use the blockchain technology and apply to banking system, such banks will do well than what we already have in our conventional banking system. It will correct most errors in today's banking system.

The technology shift will lead to it and I see that the blockchain is already being looked at by banks, just look at Ripple isn't it intended for banking?

I use banks more often (I have to do it as I have the main job), and it is OK with me to open an account in a bank. However, we should all remember that the money in your bank account is a liability - in other words, the bank owes you. However, in fact, due to the fact that the balance of your account on the ATM screen, in fact, shows the amount of debt, if the organization, the "debtor" has problems, you are likely to lose your funds.

Sorry, maybe a little off topic. But can someone explain to me why I should provide my personal data to any cryptocurrency startup or bank? Why do they need my personal data if all operations occur with an account, and not with my name.

It's not too far to happen more likely. Several banks are using Blockchain technology for their transactions for the sake of transparency, speed, and probably transaction costs. I'll be glad if all of banks worldwide would adopt Blockchain even though they'll require KYC or whatsoever since before it will happen, fot sure that there will be regulations and rules that banks need to obey and inplement to their clients hence action of money laundering is still not tolerable.

In SelfKey's case, they're offering an identity management system wherein the wallet users hold their data so you won't actually need to provide your personal data directly to them. Instead your digital identity will be stored in your device, thus, incase banks or SelfKey's servers may be hacked, your data won't be compromised like what just happened in the Binance KYC hack that spread just recently. So yeah, convenience in applying for financial services is what they're offering and i find their concept actually great.

A good thing in my opinion if it is applied. It will be very helpful in completing the process which has been considered too complicated. Hopefully, with the release of their bank account market, the complexity can be overcome.

There are now alternative ways to manage KYC though like KYC-Chain. They're a compliance solution that offers fast and accurate Identity Documents Verification. It's a step forward for the standard KYC that banks traditionally use which obviously has a lot of bottlenecks in their process.

I agree. The current status of KYC processes for financial services does take too long and so tiring to be honest. There's lots of room for improvement in this industry so I'm looking forward for this to be streamlined.

Sure it could be much easier if we'll talk about how smooth the transaction would be. I haven't heard about SelfKey yet though. Are they even active now? Anyway, hopefully banks would give blockchain a chance. The greatest disadvantage if they'll be adapting to this new innovation, is that their entire system must be retooled.

Yes, pretty much active. i have just read their August progress report on their website. Everything's good so far.

Blockchain processing is proven much faster, easier and secured so i believe it will benefit any institution that will use the technology like the banks and any government related services. Although blockchain services is much costly due to mining services but still its worth if our time will be save for our other concerns.

I think creating a bank account does look easier because you are assisted by several employees who work at the bank so creating a bank account is very easy, in contrast to a blockchain account which is a technology that does not help you to create an account and is ready to use for transactions.

If blockchain technology would be properly harnessed, you probably won't need help because you can all do it by yourself in a few clicks. Less hassle and much more smoother transactions/applications.

I both use a digital bank and also my crypto. Its not about how easy it is or how hard it is, if people want to really speed up bitcoin and blockchain they could literally use lightning network and we would have miliseconds for transactions, lets say 5 seconds the difference is not really that big.

However, people are not after trying to change bitcoin and its blockchain, everyone has their own reasons and those reason could change, like exchanges want to charge more, casinos want to charge more, people want to use stuff their friends use. That is why digital banks are easier to use in the customer sense however crypto offers a lot more stuff than just being easy to use, it offers protection of your networth, it provides you with decentralized currency away from any dictators hands. Bitcoin and blockchain is far bigger than just ease of use.

No, i don't think it is much easier. A bank account on blockchain is doing KYC like in an exchange. You have to take a selfie and send almost the same documents than opening a bank account.
Except you don't sign any document and there is nobody assisting you how to take the pictures and why the pictures are not recognize by the system.
And why would someone want to open a bank account with a company doing cryptos? To accumulate cryptos? But with the volatility i don't really see this happening. If it is only for trading, an exchange is enough.
And having a wallet for your crypto is enough. You don't need any intermediate to keep your cryptos. You don't want to give them your private keys.