Reply To: I am curious to know how blockchain technology may streamline KYC and AML procedures in the trade finance sector. Can somebody provide instances or describe how this operates in the real world? Are blockchain-based systems or solutions being utilized in this industry? Any insights or information would be highly appreciated.

[Allen Paul]

Lack of openness in international trade poses a fraud risk. By offering an immutable and secure digital ledger that shares and stores customer information, blockchain technology can streamline KYC and AML processes in trade finance. This can improve productivity and decrease the need for human verification and data entry. In addition, agreements can be utilized to perform compliance checks and enforce regulatory compliance obligations. It also provides a transparent and secure method for many parties to share and access client data, thereby enhancing collaboration and lowering the risk of fraud.

Triterras’s Kratos platform, for instance, is a blockchain-based platform that enhances the dependability and transparency of global trade financing. It is an online platform built on decentralized Ethereum technology. Amazon Web Services handled Hyperledger private blockchain improves Kratos’ security by placing it behind a powerful ‘wall’ of security measures and protections provided by the industry-leading AWS infrastructure.