Do you think opening a real bank account could be much easier using blockchain? - page 3.

Chuky92

copper member

Activity: 966

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Quote from: creativeleading on August 14, 2019, 12:48:11 AM

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?

There have been many possibilities in the blockchain space already, all that is needed is for the team to have the right knowledge and experience to develop their idea.
This is my first time of hearing about Selfkey though and i will take time to study all about them, however am happy a project is taking this step because opening a bank account via blockchain will lead to a more better world one which will remove third-parties, unnecessary charges etc. Although there will be KYC so as to obey regulations but privacy and security of users data will still be assured, all thanks to blockchain.

upyem2k

jr. member

Activity: 448

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This seems so sometimes most especially when some exchanges or project with the requirements of Know Your Customers, there will still be multiple participation which kill the project I. The the end.

thiscomm

jr. member

Activity: 224

Merit: 2

yes I will open and create an account with him. and I think that's good news for us as users of the crypto world. because the development of the wallet is very supportive for the development of crypto as well. the improved wallet and services can certainly make us be calm in saving our digital money. but I hope that if possible KYC will not be held again so that we do not have the bad thought that our data is being sold by them for the development of their popularity.

Oyarebu

member

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Am not seeing this coming to real life because, banks will not adopt Blockchain totally as they will.still stick to their know your customers. Blockchain will solve many issues affecting the financial world but humans will not allow, especially the government who have constantly enslave us. I hope they realizes the power of the Blockchain and its transparency.

jazmuzika217

member

Activity: 476

Merit: 12

To be honest, opening a real bank account is very hassle. Bank always ask for so many requirements to have your bank account aside from valid id you need to provide your proof of billing and proof of income. Aside from blockchain that you only have to fill out some personal information or KYC to use blockchain.

syed1213

newbie

Activity: 39

Merit: 0

i think , opening a real bank account could not be much easier using blockchain, because Blockchain technology does have tremendous advantages. In terms of information preservation and data recording, at the same time, the blockchain needs 5G technology and artificial intelligence to work together, I think it will be better.

shiming

full member

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Blockchain technology does have tremendous advantages. In terms of information preservation and data recording, at the same time, the blockchain needs 5G technology and artificial intelligence to work together, I think it will be better.

Red-Apple

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it is not about being easy. it is about what you get in return.

otherwise using bitcoin is so much easier than going through the agony of using a bank. it is so much safer and cheaper in comparison too. but it is an unfair comparison because the two are serving two different purposes.
bitcoin is created to give people the financial freedom since it is the only decentralized currency while banks exist to offer people a lot of different centralized fiat related services.

p2pclub

jr. member

Activity: 77

Merit: 1

So, it makes some strange things.

You may deposit usdt from your bank account or something. Your information will be confirmed by the banks too

But, where's my anonymous thing? i mean, we always feel worried about personal life, blockchain can helps us. Not the bank where your account will be checked many times by govement.

creativeleading

newbie

Activity: 32

Merit: 0

Quote from: jumiapaul on August 23, 2019, 08:49:10 AM

As far as am concerned, blockchain technology is here to make things easier and more efficient. With blockchain technology, the kyc needed by the banks could be carried out much faster and individuals could complete their kyc from the comfort of their homes.

True. But I don't think blockchain alone is the answer. What Selfkey claims is that they let you take control of your KYC information (they store it locally on your device) since massive data breaches are prevalent these days

creativeleading

newbie

Activity: 32

Merit: 0

Quote from: ice18 on August 23, 2019, 08:20:36 AM

In my place you can create a bank account via online in just 5-10 minutes without going into physical bank location just using android/ios app and you can deposit instantly after creating of coures KYC must be submitted so whats the difference with this on Selfkey? Personally I dont know about it and how it applies blockchain and its usecase like bank.

In their case, they created a marketplace for these banks to make it more convenient since they can all just be accessed through a single app. I guess their KYC process is much faster too since they're using their own decentralized identifier. In that way, you won't be needing to fill up your KYC info over and over again for any future applications.

cudora

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Cryptoknowmics - World's First Decentralized Media

It takes you the same time. I was yesterday in a bank and it took me roughly 30 mins to register and to get a bank account. With all MEW downloads, KYC verifications and all that stuff, if you have everything prepared it won't take long as well.

jumiapaul

copper member

Activity: 336

Merit: 3

As far as am concerned, blockchain technology is here to make things easier and more efficient. With blockchain technology, the kyc needed by the banks could be carried out much faster and individuals could complete their kyc from the comfort of their homes.

ice18

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In my place you can create a bank account via online in just 5-10 minutes without going into physical bank location just using android/ios app and you can deposit instantly after creating of coures KYC must be submitted so whats the difference with this on Selfkey? Personally I dont know about it and how it applies blockchain and its usecase like bank.

Cryptoheavy

jr. member

Activity: 73

Merit: 1

Open new banks account always takes less than a hour. Passing kyc may take more than a week. And there are always a risk of leaks of your data

suryapro

member

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yes I agree with your statement, because by offering all the facilities available, it will give freedom to a users in making every payment transaction,only by using an application. of course this will be very beneficial through the application of blockchain technology into banking.

Mianae

member

Activity: 798

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Integrating real world banking on the blockchain. I have some worries where do one complain should they have a problem with their account on self key as selfkey is adding real world bank to its blockchain platform not creating its own banking system. Secondly will these banks also be accessible offchain or access is solely on chain on selfkey blockchain?

freedomgo

legendary

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People would prefer to do it online than going to the bank and fall in line.
The technology now offers us a chance to make our life easy so I think blockchain would be helpful enough for the banks to conduct a KYC process.
My personal experience tells me that opening a bank account online is easier and faster, although It was not done through blockchain but I know with blockchain it would be more safer and easier.

Bank has to adopt with this new method, they just have to ensure that this KYC won't leaked.

yazher

hero member

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You own the pen

I think its easier when going to KYC process on using blockchain than going personally on their office. because not all people are living in the city mostly in the rural area where the office of the bank is far away.

It is more convenience if they can minimize the struggle and make their clients more convenience when they want to open a bank account. by implementing blockchain technology this can be solved however there still be negative consequences but overall it gives us more convenience than going personally on their office.

m0Ray

sr. member

Activity: 868

Merit: 251

Now the blockchain being used in a Bank Santander. The software for this Bank is manufactured by Ripple. But this project has been going on for a very long time but I can't see the results. XRP is constantly falling in price and I do not see any noticeable improvements in the banking sector. Most likely at the moment, the blockchain is poorly developed and in the real process does not show itself from the best side.

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