Sri Lanka names firms to work on blockchain KYC system
Sri Lanka’s central bank shortlisted its choices for developers who will work on its proof-of-concept blockchain-based KYC system Last year Sri Lanka’s central bank said it wanted to integrate blockchain technology into the nation’s banking system as a way to bolster banking security and fraud prevention. According to D. Kumaratunge, a Director at Sri Lanka’s Central bank, 36 domestic and foreign firms have participated in the project: “We invited software companies to develop a shared KYC (know-your-customer) PoC free of charge, as a national project.
KYC is a verification process that conducts background checks on prospective clients who want to open a bank account, by verifying they are who they say they are. Currently blockchain-based KYC is just starting out and hasn’t been developed for a government or national banking system.
