Blockchain – An Elixir for Anti-Money Laundering?
By Bhagvan Kommadi
CEO, Quantica Computacao
Introduction
Two Harvard Business School professors compared blockchain to Internet messaging and, while it may not be disruptive, it represents breakthrough strategic thinking from a technology perspective. It has the potential to completely rewrite industry business models, rewiring the workflows and changing the way we arrange, record and verify transactions. Blockchain systems can provide the basic infrastructure and tools for various areas within risk management and anti-money laundering (AML). The blockchain platform facilitates faster client onboarding and implementation of know your customer (KYC) compliance.
Cryptocurrencies
A cryptocurrency is a digital or virtual currency that utilizes cryptography to verify, make, approve and control its exchange transactions through the blockchain. It can be traded for different monetary forms, items and administrations. The whole system is utilized to screen and confirm both the production of local tokens through mining, and the exchange of tokens between clients. Mining is the procedure by which monetary exchanges are confirmed and added to accounts in general record and blockchain. Bitcoin is the first digital money which came to open notice in 2009; other digital forms of money include Ether, Ripple and Litecoin. As of late, economists, central bankers and monetary experts have communicated their reservations on the “fate” of this ...
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