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Malaysian developer launches KYC compliant blockchain

According to a recent report, a Kuala Lumpur-based group has launched a blockchain service that aims to help businesses cut time and cost involved in carrying out Know Your Customer (KYC) processes.

The firm said that the new service enables businesses and enterprises to reduce the customer on-boarding time and simplifies the compliance process by eliminating the need for repetition.

The Chief Executive Officer of the group noted that various national IDs, land records, universities, banks and charity organisations will soon be doing live transactions on the group’s blockchain platform.

He added that the traditional KYC verification system on its exchange will also be replaced by the group’s blockchain verification.

The company’s chief innovation officer noted that the group does not process any unverified wallet transaction on its public blockchain. The private blockchain, which is called BKVS (Belrium KYC Verification System) acts as the identity verifier for the wallets.

The group also announced that it will be releasing two decentralized apps (Dapps) on the blockchain – a certificate issuance Dapp and a payroll Dapp.

The CIO stated that these will give easy access to small and medium enterprises to experience the capabilities of the distributed ledger technology within their business domain.

The four-year-old company has development centres in Malaysia and India. It runs fiat-crypto currency exchanges and blockchain development solutions across 10 countries, including those in the Middle East and Africa. It has live exchanges operating in India, Singapore and Kenya.

According to another report, the platform offers companies a secure, private, personalized and decentralized ecosystem.

This ecosystem aims to minimize this repetition that relates to KYC compliance and also saving considerable time and cost. Particularly in this context, the platform is quite unique. It is so because it enables businesses and enterprises to reduce the customer on-boarding time as well as simplifies the compliance process by eradicating the need for repetition.

Pertaining to this successful launch of the blockchain, group’s founder said that they’re extremely delighted to see the tech go live. In addition, it was noted that the group is focused on getting governments and regulators to evaluate the strength and capabilities of the blockchain rather than focusing on the value of the instrument.

The founder then elaborated that various national IDs, land records, universities, banks and charity organizations will soon allow live transactions on the platform, further explaining that the group’s Exchange is the first user of the blockchain tech. As the traditional KYC verification system of exchange will be replaced by Belrium blockchain verification.

The public sector blockchain has thus far struggled significantly with regards to the adoption of various regulators due to the tech’s level of anonymity that it provides. However, currently, the tech is gaining traction because of its unique private and public blockchain combination.

The chief innovation officer of the Group noted that it is aligning its blockchain technology with practical use cases of other industries. Also elaborated that the blockchain will process various national government transactions on their infrastructure in 2019.

However, the blockchain will not process any unverified wallet transaction on its public blockchain.

The group’s KYC Verification System(BKVS) acts as the identity verified for wallets.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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