Reports surfaced on November 29 stating that the Central Bank of Sri Lanka is looking for tech companies to build “proof of concept” for a shared Know Your Customer (KYC) platform on top of blockchain technology.

Blockchain technology has been on a rising graph of trending technologies for quite some time now and certainly, no industry wants to leave the benefits of stepping into the blockchain ecosystem. Accordingly, the Central Bank of Sri Lanka (CBSL) is planning to build a blockchain-based KYC platform with the help of a tech player. The system reportedly aims to enable commercial banks and the central government to share and update customer data using blockchain. Besides, it aims to bring the use of cases of blockchain technology in other areas of the financial industry.

As the bank has published the call for the applicant, it states that the IT companies that come forward to pitch for the project will require to do the PoC without payment. This being said the project would be a result of the collaboration of the country’s central bank and the tech experts of Sri Lanka. However, the bank’s call to the applicant reads that;

“The increasing demand for digitalized financial services has created an opportunity for Sri Lanka to evaluate the possibility of adopting Blockchain Technology to further advance Sri Lanka’s financial sector,”

Depends on the type of blockchain, a shared KYC system will share or update the customer data among the parties involved on the network. Consequently, if this process put in place, the customers can avoid paperwork of verifying KYC details whenever they select a new bank – because, Shared KYC system will complete the KYC paper work here. While at some point in time, this process has its own barriers but the bank has restricted further information about the project at the moment.

In a nutshell, the applicant or tech companies that seek to apply for the project must contain “two years of experience and a proven track record of developing and launching mobile applications.

Image Source – Flickr

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