Jan 2, 2018
Bluzelle fills a key gap in decentralized infrastructure,
offering a database for applications that are built on blockchain
technology — the data needs to be stored and organized somehow, and
there’s no point using dated technology to do so.
Bluzelle's technology has already been used to streamline the
otherwise-painful Know Your Customer process for a consortium of
global banks, including HSBC. The KYC solution leveraged Ethereum
to enable the banks to reduce the time and cost of on-boarding
customers, sharing customer data in a secure manner, and facilitate
ease of customer data management.
Once on-boarded, a customer’s entire profile is encrypted and
stored securely and permanently in the blockchain, using a
proprietary multi-party key encryption protocol that enables banks
to “own” their customer's private data. Data can only be shared
with other banks as specifically authorized by the
customer.
Pavel Bains, CEO & founder of Bluzelle shares the enormous
potential for a decentralised database solution.