Identity and KYC conference and workshops which was held in London on 25 and 26 May, 2016, discussed on using blockchain technology to enhance know-your-customer processes.

The conference witnessed attendees from banks, government bodies, fintech companies, financial institutions, startups, and regulators. Siân Jones, blockchain compliance consultant preceded the workshop that discussed about usage of blockchain to solve several challenges faced by banks and financial institutions when it comes to identity.

The discussion explored the current needs of financial industry participants and the use of potential blockchain technologies.  The conference provided an user friendly KYC and onboarding experience for its clients. The meet also addressed how fintech propositions could solve today’s most pressing identity and KYC issues.

The pre-conference exclusive workshop on ‘Leveraging Blockchain Technology To Improve Your Identity Verification & KYC Processes’ drove current thinking about blockchain down to the next level. It examined what it would really mean for individuals and organizations to use blockchain as a storage medium for identity.

Jones addressed that, blockchain-based identity systems have the possibility of selectively revealing information about an individual’s identity. This could help prevent identity theft and enhance end-user privacy. He addressed that, “The fundamental challenge in identity is the intents of various participants not aligned. Governments, businesses and individuals have conflicting interests."

Concluding the workshop, he said, the trend is expected to accelerate in the future, with simple identification mechanisms becoming less important for financial institutions.