bluzelle What is Blockchain? Blockchain is a combination of - - PowerPoint PPT Presentation

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MAKE BLOCKCHAIN WORK FOR YOU

What is Blockchain?

Blockchain is a combination of multiple technologies

1

Time Stamp

2

P2P Networks

3

Encryption

4

Consensus

Challenges addressed by blockchain

Regulatory and compliance pressures make the finance industry ripe for change

Siloed systems

Front office and back office processes are housed in separate systems, in addition to multiple copies

• f shared ledgers, leading to time-consuming and

expensive reconcilliation processes

Lack of transparency

The mixture of manual, siloed systems and disorganized data creates databases with few actionable insights and analysis paralysis

Manual processes

A great number of processes are still in paper form, opening the door to unnecessary operational risks

Cyber security risk

Legacy systems give rise to cyber security risk as a result of segmented IT infrastructure. A hack into just one backdoor can compromise the whole organization

Disorganized compliance data

Data is not transferred between departments and organizations efficiently, resulting in unreliable customer due dilligence

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 transactions without a central, privileged third party even in the absence of trust. Increased data security and identity management Enables automation of logical agreements based on internal and external data sources Trustless Immutable Real-time settlement Allows two parties to complete a transactions without a middleperson. Resistant to hacking, double spending and fraud Near real time completion of transactions

Practical uses of blockchain

Five key areas where blockchain will play a big part in transformation and disruptions

New product offerings New distributions and payment models Improved fraud detection Claims management Improved customer experience

KYC Process

Issues leading to operational inefficiencies and poor customer experience

Siloed onboarding process

Each party’s onboarding staff has to collect customer documents and perform validation checks separately

Disparate KYC standards

Each party’s KYC standards are different resulting in different client data collected and different downstream processes

No single source

• f truth

Inconsistent and outdated customer information across parties may lead to issues in identifying potential threats

Key Issues for Parties Effect on Individual/ Corporate customers

Customers have to submit KYC-related documents multiple times during

• nboarding

Customers find it cumbersome to understand and follow different KYC processes for different parties Customers need to report their updated information to each party periodically

KYC Process- Key Parties

• 2. Bank

Banks and other financial institutions participating in the consortium. Banks require customer consent to access their KYC information and receive updates when updated information is available for their customers. Banks only have access to 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

• 1. Customer

Individual or Corporate customer. Customer ID

• 3. Admin/Regulatory

Representative of an administrative (super) user or a governmental or regulatory entity. Has on-demand access to all customer KYC data, validation status as well as banking relationships from the KYC Shared Ledger. Also, it receives continuous updates about updated customer information.

• 4. External trusted Sources

External validation agencies as well as third- party data providers. The KYC Shared Ledger will be set up to seamlessly work with any additional sources to be added in the future through a web services/API interface.

KYC Process using Blockchain

Query on KYC shared ledger Customer Approaches Bank Validation with trusted sources Update on KYC shared ledger Account

• pening

1

The bank staff queries the KYC shared ledger using the customer’s Unique Identifier. Relevant details are then extracted contingent on customer’s consent. Extracted customer information is validated with 3rd-party sources. Results from the 3rd party validation are recorded back to KYC shared ledger. After the KYC process is complete, bank account is sanctioned for the customer.

2 3 4 5

Blockchain uses around the industry

Blockchain application

Financial services, exchanges

• Cross-border payments
• Stock/debt issuance
• Securities and derivative clearing and

settlement

• Trade finance, asset custody

Manufacturing, power and utilities

• Supply chain

management

• Cross-border trade

and logistics Regulators

• Explore central-bank controlled digital

currency

• Establish policies and guidelines to

manage Blockchain-based economy Retail | Consumer goods

• Decentralized marketplaces
• Organic food and ethically

caught tuna traceability Health care

• Health care records management
• Medical procedure billing and ordering
• Genome records

Cross-sector

• Corporate audit,

regulatory reporting

• Identify management
• Private blockchains for

internal efficiencies Public sector

• Public registries (IDs, titles)
• Ownership rights, dispute and fraud

management

• Voting

Media | Telecom

• IP management (music, art)
• Loyalty
• New micro-transaction revenue models
• Royalty

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 banks Large global insurer Core banking platform integration Financial advisory & securities brokerage Solution Ethereum-based POC that allows banks to onboard both retail and corporate customers and share credentials with one another. Solution Ethereum-based POC platform to allow millennials to buy insurance via mobile, find an authentic clinic, get treatment, and be reimbursed quickly. Solution Ripple-based POC cross-border payment network to offer as a value add to their customers. Solution Cryptocurrency investment wallet that hosts clients wallets and connects to main crypto exchanges Innovation Source of truth about customers that has an audit trail, secure and synced up with everyone which Innovation An authenticated network of doctors, insurance providers and payment systems to enable real-time claims management. Innovation End-to-end verification of senders and receivers creating an inherent system of trust Innovation A secured crypto currency setup that enables wealth managers to invest clients’ assets, secure and fast

Bluzelle in the Media

Bluzelle & Deloitte showcased integration of Ripple technology into Temenos T24 Bluzelle listed as the “Top 10 Blockchain Startups to Watch” Bluzelle named to the “FinTech100”. Formed partnership with KPMG to

• ffer blockchain solutions for banks

and insurance companies Bluzelle was named “Tech Pioneer” by World Economic Forum Bluzelle is demystifying blockchain by letting businesses do their own thing They moved from Vancouver to Singapore to build applications on the blockchain dApps database service Bluzelle “Delivers Value Traditional Approaches Can’t Achieve” CEO Pavel Bains’ blog on “How Will Blockchain Disrupt Insurance? Bluzelle developed a KYC Shared Ledger for a consortium of banks in Singapore together with the regulator

ACCOLADES

Bluzelle Networks was named by the World Economic Forum as a Technology Pioneer for

• 2017. Previous winners include Google, Spotify,

Twitter, AirBnB amongst others. Bluzelle also made the Global Fintech 100 by H2 Ventures. In October 2017 Forrester Research recognized Bluzelle as a leading blockchain technology provider. And more to come..

TECH PIONEER 2017 WORLD ECONOMIC FORUM GLOBAL FINTECH 100 H2 VENTURES LEADING BLOCKCHAIN TECHNOLOGY PROVIDER FORRESTER RESEARCH