92  Blockchain

C: Traditional KYC systems and processes use a hefty amount of admin-

istration and resources and consume too much time. Once regula-

tors are part of the private blockchain, the whole reporting can be

automated and on-demand. In this architecture, regulators can get a

report as a self-service and in real-time. This will save time and cost

and reduce fraud.

D, F, G, H: Third-party nodes within a private Blockchain are for mar-

keters, researchers and financial solution providers who would like to

use the personal information of the Bank’s customers to offer solutions

or sell solutions. In the Blockchain model, customers can monetise the

use of their personal information. Obviously, third parties need to get

the customer’s consent before using the data. The Blockchain-based

system can give control of personal data to customers. The smart

contract can automate the whole approval process and also share the

financial rewards with customers directly.

E: Customer node stores the verified personal details of the customers,

KYC record, auditable record of their consent to use the personal data

by which party and financial rewards of the customer.

Business problem #2

Social impact: In the modern world there are multiple social issues and

unfair disparity amongst part of the world. The following are some

of the social issues that need to be resolved to make the world a bet-

ter place. There are multiple non-governmental organisations (NGOs)

and social entrepreneurs that are working hard to achieve UN (United

Nations) sustainable development goals.

Blockchain technology can play an exponential impact to address critical

social and environmental challenges.

• A high % of the population is still below the poverty line. Although

NGOs organisations are trying to assist the people in need, due to

corruption, there is no clarity on how much the end users are getting

assistance

• There is a lot of administration cost that could have been used to

make a real impact with the budget secured for them

• Employees or small businesses in poor countries are being used by big

organisations and intermediaries. They get below-average pay with

poor working conditions and long working hours

Solution #2

The following blockchain solution can provide transparency and end-to-

end immutable record to make sure all grants reach the end user (farmers,

NGOs, schools, universities and social workers) to enhance the UN sustain-

able development goals (Figure 3.4).