MAKE BLOCKCHAIN WORK FOR YOU bluzelle
What is Blockchain? Blockchain is a combination of multiple technologies 4 3 2 Consensus 1 Encryption P2P Networks Time Stamp
Challenges addressed by blockchain Regulatory and compliance pressures make the finance industry ripe for change Manual processes Disorganized compliance Lack of transparency data A great number of processes are still The mixture of manual, siloed systems in paper form, opening the door to and disorganized data creates databases Data is not transferred between unnecessary operational risks with few actionable insights and analysis departments and organizations paralysis efficiently, resulting in unreliable customer due dilligence Siloed systems Cyber security risk Front office and back office processes are housed Legacy systems give rise to cyber security risk in separate systems, in addition to multiple copies as a result of segmented IT infrastructure. A of shared ledgers, leading to time-consuming and hack into just one backdoor can compromise the expensive reconcilliation processes whole organization
Value of distributed ledger technology (DLT) DLT has made a massive push in disruption but we must remember its is not an answer to every problem. Disintermediate Secured by cryptography Smart contracts & oracles Enables the facilitation of Enables automation of logical transactions without a central, Increased data security and agreements based on internal and privileged third party even in the identity management external data sources absence of trust. Trustless Immutable Real-time settlement Allows two parties to complete a Resistant to hacking, double Near real time completion of transactions without a spending and fraud transactions middleperson.
Practical uses of blockchain Five key areas where blockchain will play a big part in transformation and disruptions New distributions and Improved fraud New product offerings payment models detection Improved customer Claims management experience
KYC Process Issues leading to operational inefficiencies and poor customer experience Key Issues Siloed onboarding Disparate KYC No single source for Parties process standards of truth Each party’s onboarding staff has to Each party’s KYC standards are different Inconsistent and outdated customer information across parties may lead to collect customer documents and perform resulting in different client data collected issues in identifying potential threats validation checks and different downstream processes separately Effect on Customers find it cumbersome to Customers need to report their updated Customers have to submit KYC-related Individual/ understand and follow different KYC information to each party periodically documents multiple times during processes for different parties Corporate onboarding customers
KYC Process- Key Parties 1. Customer 2. Bank 3. Admin/Regulatory 4. External trusted Sources Individual or Corporate customer. Banks and other financial institutions Representative of an administrative (super) External validation agencies as well as third- Customer ID participating in the consortium. user or a governmental or regulatory entity. party data providers. Has on-demand access to all customer KYC data, validation status as well as banking The KYC Shared Ledger will be set up to Banks require customer consent to access relationships from the KYC Shared Ledger. seamlessly work with any additional sources their KYC information and receive updates to be added in the future through a web when updated information is available for Also, it receives continuous updates about services/API interface. their customers. Banks only have access to updated customer information. customer KYC data and not banking relationships. a. Originating Bank : First banking relationship for a particular customer b. Requester Bank : Bank seeking access to customer KYC data already stored in KYC Shared Ledger c. Other Participating Banks : All other participating banks with which customer has a banking relationship
KYC Process using Blockchain 1 2 3 4 5 Customer Validation with trusted Update on KYC Account Query on KYC Approaches Bank sources shared ledger opening shared ledger The bank staff queries the Extracted customer Results from the After the KYC process is 3 rd party validation are complete, bank account KYC shared ledger using the information is validated with customer’s Unique Identifier. 3 rd -party sources. is sanctioned for the recorded back to KYC shared ledger. customer. Relevant details are then extracted contingent on customer’s consent.
Blockchain uses around the industry Manufacturing, power Financial services, exchanges and utilities • Cross-border payments Regulators • Supply chain • • Stock/debt issuance Explore central-bank controlled digital management • currency Securities and derivative clearing and • Cross-border trade • settlement Establish policies and guidelines to and logistics • manage Blockchain-based economy Trade finance, asset custody Media | Telecom Retail | Consumer goods Blockchain • • IP management (music, art) Decentralized marketplaces application • • Loyalty Organic food and ethically • New micro-transaction revenue models caught tuna traceability • Royalty Health care Public sector • • Health care records management Public registries (IDs, titles) • • Medical procedure billing and ordering Cross-sector Ownership rights, dispute and fraud • • management Genome records Corporate audit, • Voting regulatory reporting • Identify management • Private blockchains for internal efficiencies
Why Bluzelle Go with the blockchain expert ► Developing blockchain solutions since 2014 ► Enterprise-ready ► Protocol agnostic ► Modular architecture ► Interoperability ► Tested in financial institutions and reviewed by regulators ► Backed by cyber experts ► Industry specific subject matter experience
Bluzelle Blockchain Enterprise Solutions We make the blockchain work for you Collaborate with your team to define pain points and outline solution Our services include: ► Custom Blockchain development ► Smart contract design and development ► Pre-ICO smart contract review ► Training : Educate your team on blockchain; its capabilities and constraints (for both technical and non-technical stakeholders) Bluzelle takes care of all the blockchain plumbing for your business
Credentials KYC shared ledger Smart insurance Cross-border payments Crypto-currency setup Consortium of international Financial advisory & securities Large global insurer Core banking platform integration banks brokerage Solution Solution Solution Solution Ethereum-based POC that allows Ethereum-based POC platform to Ripple-based POC cross-border Cryptocurrency investment wallet banks to onboard both retail and allow millennials to buy insurance payment network to offer as a value that hosts clients wallets and corporate customers and share via mobile, find an authentic clinic, add to their customers. connects to main crypto exchanges credentials with one another. get treatment, and be reimbursed quickly. Innovation Innovation Innovation Innovation Source of truth about customers that An authenticated network of doctors, End-to-end verification of senders A secured crypto currency setup has an audit trail, secure and insurance providers and payment and receivers creating an inherent that enables wealth managers to invest clients’ assets, secure and synced up with everyone which systems to enable real-time claims system of trust management. fast
Bluzelle in the Media Bluzelle listed as the “Top 10 Bluzelle named to the “FinTech100”. Bluzelle & Deloitte showcased Blockchain Startups to Watch” integration of Ripple technology Formed partnership with KPMG to into Temenos T24 offer blockchain solutions for banks and insurance companies Bluzelle was named “Tech Bluzelle is demystifying blockchain by They moved from Vancouver to Pioneer” by World Economic letting businesses do their own thing Singapore to build applications on Forum the blockchain CEO Pavel Bains’ blog on “How dApps database service Bluzelle developed a KYC Shared Bluzelle “Delivers Value Will Blockchain Disrupt Insurance? Ledger for a consortium of banks in Traditional Approaches Can’t Singapore together with the regulator Achieve”
ACCOLADES TECH PIONEER 2017 WORLD ECONOMIC FORUM Bluzelle Networks was named by the World Economic Forum as a Technology Pioneer for 2017. Previous winners include Google, Spotify, GLOBAL FINTECH 100 Twitter, AirBnB amongst others. H2 VENTURES Bluzelle also made the Global Fintech 100 by H2 Ventures. In October 2017 Forrester Research recognized Bluzelle as a leading blockchain technology provider. LEADING BLOCKCHAIN TECHNOLOGY PROVIDER And more to come.. FORRESTER RESEARCH
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