Topic: Do you think opening a real bank account could be much easier using blockchain? - page 4. (Read 1118 times)
August 23, 2019, 05:44:27 AM
I am not yet familiar with SelfKey, the stages of making a wallet must submit KYC and it will take time for the identity verification process, it will take longer if verified manually. In contrast to making blockchain wallets that are very fast and even completed in one minute
August 23, 2019, 04:33:45 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?
Could you please elaborate more on the red and bolded text? Like how would they do that.
For now, I don't think the rules will change, not with the KYC and AML processes required from the banks. They cannot do away with it even if they are going to use the blockchain technology in their banking system. The KYC and AML are required by law. Duly registered banks are bound to stay within the existing legal policies and regulations.
From what I know, they are reliant to a 3rd party identity service to take care of any KYC/AML compliance needs, though most banks still need personal visits for you to officially open one. But they claim that they'll be adding banks that won't need personal visits soon. I hope it's true.
About the red bolded text, here's what I meant by that: https://selfkey.org/bank-accounts-marketplace/
August 22, 2019, 05:17:47 AM
if it is centralized and an actual bank is involved then it doesn't make any difference whatsoever if they are using blockchain or not. everything will be the same as always for the customers, KYC, control over funds, services, corruption,... will be the same.
but if it is decentralized and no banks involved then what you open can no longer be called a "bank account". it is your keys in your wallet with you having the full control and not needing any third party's hand in your pocket.
but if it is decentralized and no banks involved then what you open can no longer be called a "bank account". it is your keys in your wallet with you having the full control and not needing any third party's hand in your pocket.
Exactly. People are really funny when they say they don't trust the banks and the government, and then they keep all their funds on an exchange where they don't even know the CEO or any of the management. And then they think they're using crypto and being in control of their own money. That's really silly, but whatever people think works for them I guess.
August 22, 2019, 03:48:35 AM
I can't think on how the process will be. That means when you open a bank account which will be on the blockchain network, others may see it?
August 22, 2019, 03:46:30 AM
I don't think it would be easier even with selfkey but it may be safer or secure. The problem is that most banks may not want to deal with other blockchain companies like selfkey.
everything will be the same as always for the customers, KYC, control over funds, services, corruption,... will be the same.
With regards to KYC, self-key claims the customer have full control over their data August 22, 2019, 03:31:56 AM
if it is centralized and an actual bank is involved then it doesn't make any difference whatsoever if they are using blockchain or not. everything will be the same as always for the customers, KYC, control over funds, services, corruption,... will be the same.
but if it is decentralized and no banks involved then what you open can no longer be called a "bank account". it is your keys in your wallet with you having the full control and not needing any third party's hand in your pocket.
but if it is decentralized and no banks involved then what you open can no longer be called a "bank account". it is your keys in your wallet with you having the full control and not needing any third party's hand in your pocket.
August 22, 2019, 03:11:14 AM
Ease is a matter that is put forward in the use of the blockchain. My opinion about this is only limited to ordinary breakthroughs. Because the use of real banks is easier and more efficient in my opinion. Hopefully Selfkey who will release their account market really becomes a convenience.
August 22, 2019, 01:32:18 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?
Could you please elaborate more on the red and bolded text? Like how would they do that.
For now, I don't think the rules will change, not with the KYC and AML processes required from the banks. They cannot do away with it even if they are going to use the blockchain technology in their banking system. The KYC and AML are required by law. Duly registered banks are bound to stay within the existing legal policies and regulations.
August 22, 2019, 01:25:32 AM
So far I only use real bank accounts that I made through direct banks, and I never thought that creating a real bank account using a blockchain would be easier, because this Selfkey has not been implemented by banks in the country I live in, and myself also just heard about Selfkey yesterday, if Selfkey really helps bank customers, it's worth a try.
August 22, 2019, 12:54:08 AM
Well, it may make things more easy depending on the way it will be applies, and I don’t think blockchain technology will stop the issue of KYC, kyc will still be requested from majority of people that will still use the bank, but with blockchain technology applied to banks, I think It will still favor the bank users more than even the banks itself, especially the banks that will truly apply it, because when it comes to blockchain technology, it comes with decentralization and we all know the advantage of decentralization to people.
It will bring about transparency in the banking sector, secondly, it will make transactions faster and at the same time, eliminate anything third party that has always made thing quite cumbersome and more expensive for people.
It will bring about transparency in the banking sector, secondly, it will make transactions faster and at the same time, eliminate anything third party that has always made thing quite cumbersome and more expensive for people.
So true! I could imagine faster transactions and cheaper rates. I'm waiting for them to add more banks in their marketplace though. I can see that the team is delivering well according to timeline they've set so I'm hopeful this would work out well.
August 15, 2019, 01:48:04 PM
Well, it may make things more easy depending on the way it will be applies, and I don’t think blockchain technology will stop the issue of KYC, kyc will still be requested from majority of people that will still use the bank, but with blockchain technology applied to banks, I think It will still favor the bank users more than even the banks itself, especially the banks that will truly apply it, because when it comes to blockchain technology, it comes with decentralization and we all know the advantage of decentralization to people.
It will bring about transparency in the banking sector, secondly, it will make transactions faster and at the same time, eliminate anything third party that has always made thing quite cumbersome and more expensive for people.
It will bring about transparency in the banking sector, secondly, it will make transactions faster and at the same time, eliminate anything third party that has always made thing quite cumbersome and more expensive for people.
August 14, 2019, 01:48:11 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?
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