Scribd Logo
Upload

Welcome to Scribd!

  • e-KYC Brochure

    Uploaded by

    sham9211
    14 views4 pages
    Vara is developing a blockchain-enabled digital identity management solution to address problems with traditional paper-based and digital identity systems. Their solution involves customers submitting know-your-customer (KYC) information to a bank, which is then uploaded to a blockchain network and validated through a consensus process. This generates a unique identity number for the customer. This digital identity can then be used across multiple organizations with the customer's consent, reducing duplication and improving privacy, security, and efficiency over traditional methods. By distributing identity information across a blockchain network, Vara's system aims to prevent identity theft and single points of failure.

    Original Description:

    For Banks

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Vara is developing a blockchain-enabled digital identity management solution to address problems with traditional paper-based and digital identity systems. Their solution involves customers submitting know-your-customer (KYC) information to a bank, which is then uploaded to a blockchain network and validated through a consensus process. This generates a unique identity number for the customer. This digital identity can then be used across multiple organizations with the customer's consent, reducing duplication and improving privacy, security, and efficiency over traditional methods. By distributing identity information across a blockchain network, Vara's system aims to prevent identity theft and single points of failure.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    14 views4 pages

    e-KYC Brochure

    Uploaded by

    sham9211
    Vara is developing a blockchain-enabled digital identity management solution to address problems with traditional paper-based and digital identity systems. Their solution involves customers submitting know-your-customer (KYC) information to a bank, which is then uploaded to a blockchain network and validated through a consensus process. This generates a unique identity number for the customer. This digital identity can then be used across multiple organizations with the customer's consent, reducing duplication and improving privacy, security, and efficiency over traditional methods. By distributing identity information across a blockchain network, Vara's system aims to prevent identity theft and single points of failure.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 4

    e

    2021

    TAMPER
    RESISTANT
    Identity Management
    For Fair Privilege Management
    Infrastructure

    www.varatechnology.com
    VARATECHNOLOGY.COM PAGE | 02

    DIGITAL
    IDENTITY
    BACKGROUND
    Identity is crucial but has a problem. If it’s
    paper-based, such as birth certificates
    resting in a basement of a storeroom, it’s
    subject to loss, theft or fraud.

    With this, the concept of “Digital Identity”


    comes to the forefront. Identities need to
    be portable and verifiable anywhere,
    anytime, and digitization can enable that.
    But being digital is not enough. Identities
    also need to be private and secure.

    SOME BANKS SPEND


    UP TO £300 MILLION
    ANNUALLY ON KYC PAIN
    COMPLIANCE, ANTI
    MONEY LAUNDERING POINTS
    CHECKS & CUSTOMER TRADITIONAL IDENTITY
    DUE DILIGENCE MANAGEMENT PROCESS
    - Thomson Reuters Survey 2020
    Repetitive on-boarding and
    validation
    Vara is enabling digital identity
    Loss of privacy and identity theft
    management through blockchain. With a
    Costly and time-consuming process
    highly trusted mechanism, organizations
    Diminished accuracy
    can use the information only with
    Diluted customer experience
    customers’ consent and no central entity
    would be able to compromise a
    consumer’s identity.
    PAGE | 03 VARATECHNOLOGY.COM

    HOW IT WORKS
    Workflow of our Blockchain Enabled Identity Management Solution

    sms

    Customer A multicast
    This unique
    submits message is
    number will
    his/her KYC sent across
    then be
    to the bank the network
    loaded in the
    to arrive at a
    chain
    consensus
    regarding the
    The system validity of the Based on the Subsequently
    creates a credentials validation, a this unique
    transaction & unique identity number will be
    uploads the number of a used to access
    KYC for customer is various mgmt
    verification generated infrastructures

    SINGLE VERSION PREVENTING A INCREASED


    OF TRUTH SINGLR SOUCE OF OPTIONAL
    Long term stable identity of the FAILURE EFFICIENCY
    user will be authenticated only
    A federated system ensures If a customer authenticates
    once. A single but cross
    that there is no certain with one business vertical
    business ID store eliminating
    database or 'honeypot' of then his/her identity can be
    duplication of information e.g.
    data; thus a single point of used across multiple verticals
    mortgage, bank accounts, life
    failure. It is difficult for within the same organization
    insurance, etc.
    insiders or outsiders without
    the right authorization to
    modify information. PREVENTING
    IDENTITY THEFT
    Using blockchain ledger to
    manage identities would

    BENEFITS
    make it extremely difficult
    for fraudsters to wreak
    havoc without leaving an
    obvious digital trail

    Blockchain Enabled Identity


    Management Solution
    WHO ARE WE
    Vara is dedicated towards bringing change through business enterprises with
    long-term and sustainable objectives.

    Vara Technology | Vara Infrovate | Fujisoft Vara | Digicard | Danpex

    We'd love to work with you.


    Mumbai | Gurgaon | Kolkata

    Website Follow us
    www.varatechnology.com
    Contact
    info@varatechnology.com
    @varatechnology

    You might also like