Do you think opening a real bank account could be much easier using blockchain?

[Ucy]

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,

[vanimis]

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?

[shurpall]

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

[vanimis]

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

[shurpall]

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?

[vanimis]

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

[shurpall]

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?

[vanimis]

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

[shurpall]

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?

[vanimis]

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

[shurpall]

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

[prehisto]

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.

[creativeleading]

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.

[creativeleading]

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.

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.

[Mianae]

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.

[antsam]

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?

[trickyriky]

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.

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.

[Tobikov]

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.

[Polar91]

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?

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.

[creativeleading]

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.

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.