R3 trials blockchain-based ‘Know Your Customer’ tool with 39 companies
R3 has announced the successful completion of a "Know Your Customer" (KYC) pilot program that saw involvement by 39 international firms. The program utilized R3’s Corda blockchain platform and was conducted over a four-day period in May, with the assistance of companies such as BNP Paribas, Deutsche Bank, ING, US Bank and CTBC Holding.
Using an application created by New York-based Synechron specifically for the Corda platform, the different entities were able to communicate with each other and manage customer KYC data. Through the platform, corporate customers, such as banks and financial institutions are able to create and control their own identities. After establishing itself on the network, the company can request access to data, which the customer can approve or deny at will. Any updates are automatically pushed out to the network, making them visible at all times to those banks that have permission to access the information.
There has not been an official release date for the platform, but R3 is currently adding its final touches. R3 project lead Jane Kenyon said, “We’ve had increasing demand from our network for blockchain-based KYC solutions as they recognise that blockchain can address many of the challenges facing existing utilities." One of those final touches will be an "observer node" that will allow any regulator to access all data on the network.
R3 is a company that specializes in enterprise software utilizing blockchain technology. It works with a network of more than 200 companies, including trade associations, technology firms, financial institutions and regulators to assist them in developing solutions using R3’s Corda blockchain platform.