The advent of Blockchain, popularized by Bitcoin and other cryptocurrencies in the recent past, has been touted as the rise of a new (decentralized) internet. At the core of it, Blockchain is a powerful and versatile technology set to revolutionize almost every industry.
Blockchain technology is also transforming KYC, AML Compliance, and Fraud mitigation. Examples include leveraging location and pattern analysis to detect fraudulent transactions and using hash encryption for seamless KYC.
In this paper, our team at Solytics, discusses the nuances of these transformations, and the kind of novel challenges that can arise from the widespread use of Blockchain, while also touching on how regulators, financial firms, and technology players can mitigate the same.