In this episode, I visit Jonathan Benson, Vice President of Product Management at ShoCard. Businesses must adopt solutions which keep information secure. Moreover, there is an ongoing need to ensure they are still in compliance. This episode provides a fascinating exploration of how innovation in one sector can impact the greater compliance profession.
We discuss ShoCard’s use of blockchain to facilitate identity management. We begin with a brief explanation of is blockchain. Benson explains how blockchain can help commercial businesses with identity management and help financial institutions in their KYC obligations. We explore how can it help to reduce fraud and improve overall AML management and the scalability of the ShoCard solution. Finally, Benson explains that when large databases of personal information need to be maintained, they are vulnerable to attacks.
While many only see blockchain as a useful tool in the financial services industry, I believe the implications for both the wider compliance community and the non-financial services commercial sector are very significant. The ShoCard tools allows you to have not only secure identity management but also consistency in your identity management program for third parties going forward.
For more information on ShoCard’s solution, go to their website, by clicking here.