As reported by Live Bitcoin News earlier this week the multinational corporation IBM (NYSE: IBM ) has been big on blockchain research and development lately. Now the company has announced they successfully completed an identity system blockchain pilot with the Crédit Mutuel Arkéa a group of cooperative and mutual banks located in France.
The project the firm says is an operational permissioned blockchain protocol that provides a user a digital identity that will enable KYC and AML regulatory policies. IBM says the pilot with Crédit Mutuel Arkéa shows distributed ledger technology potential and its “disruptive capabilities” beyond “common transaction-oriented use cases.” Because the pilot was so successful Crédit Mutuel Arkéa group and IBM are planning to federate the project “creating a single but cross-businesses KYC platform to inform all of the bank processes.” Frédéric Laurent, COO Innovation & Operations, Crédit Mutuel Arkéa said in the announcement: “Blockchain is a transformative agent in our operational application, as proven by this project— the first of its kind in France. This pilot offers a complete view of customers’ documents across our distributed network.— The project helped us to understand and master blockchain for other client uses. Now, we are ready to incorporate this technology in our ecosystem.” IBM states the distributed ledger technology uses “existing evidence” stored between Crédit Mutuel Arkéa’s records which include mortgage data, life insurance, and bank account openings. The firm believes it makes the process easier, and the result is better customer satisfaction. With 3.6 million customers the bank expects this technology to improve customer relations vastly.
Crédit Mutuel Arkéa used IBM’s technical resources for the pilot such as IBM design, Bluemix , Blockchain-as-a-Service, DevOps, and IBM Global Business Services. Juliette Macret, IBM Financial Services Sector Business Development Director, of IBM France explained the key roles of IBM’s contributions: […]
