Blockchain technology represents a new turn in the Economy, Finance and the Banking industry that will spread over the next ten years. There is an urgent need to protect this innovative landscape from repeating the same errors that have been made in the past, and which are at the origin of such innovations.
Bitcoin was created to resolve the issues related to the traceability of wealth in the current financial system. Being able to trace the origin and the nature of wealth is the missing piece of the puzzle to make a complete financial system.
Companies need to know their customers as well as their investors and the risks incurred throughout their commercial relationship. A great deal of time and economic effort in human resources is spent on certification processes rather than on core business activities.
With BCA technology, we aim to change the paradigm beyond identity verification and its implications for Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) activities. We open a path to sanitize all Blockchain based transactions.
Are you sure of the origin of the funds you are dealing with?
Were they stolen, or do they come from illegal activities?
Are you sure who you are really dealing with or is someone pretending to be your commercial partner?
BCA integrates a method to add trusted certification entities (e.g. from governments and banks), and their root certificates into a smart contract run on Ethereum’s blockchain. BCA easily and securely adds these root certificates into the smart contract. Corporations and individuals then submit their identity certificates which are verified by the BCA smart contract once the root certificates and those submitted match.
Since encrypted root certificates are of public domain, it is not necessary to trust the entity responsible for managing the contract. Anyone can query vetted fingerprints by the smart contract and, thereby, confirm whether they are the same as on the official website or database available of the certification entity which issues those certificates.