In fast moving age of banking and financial services going digital, we have taken the lead to develop blockchain based platform to provide secure, immutable and efficient ways of executing transactions and contracts.
Our New York based Fin-tech team, experienced in building technology solutions for leading banks, and asset management firms, has come forward and built the blockchain platform – VERITY, to provide cutting edge distributed ledger technology to varied industries.
VERITY works with institutions like banks, regulators, credit bureau, and auditors, bringing benefits of secure and efficient multilateral contracts with audit trail of transactions on a cryptographically secured distributed ledger platform.
We are currently implementing our first case in Ghana with aim to expand across banking systems and beyond in several geographies.
What is Verity?
VERITY is a Distributed Ledger based Consensus building platform that enables parties to arrive at an agreement of certain shared facts.
It employs complex and highly reliable principals of cryptography to securely share information between various parties for consent, where a business workflow proceeds through pre-defined or dynamically added steps and facts.
SMART CONTRACT manages the lifecycle of a business transaction on the platform. Verity makes it easy to do business by enabling secure sharing information between parties involved in the transaction. The information is controlled through cryptographic keys for the bonafide users.
- Faster Transactions- Since blockchain moves assets, such as money, by mere ledger entries, banks can use blockchain technology to reduce the time required to settle transactions. Rather than taking the traditional 1-3 days to verify fund transfers, customers can receive verification in hours or minutes. As the blockchain technology for banking applications matures, transactions will occur in real time.
- Improved Security- Shared ledgers can help banks secure transaction information in a few ways. First, since blockchain enables transactions to be completed much quicker than is possible with centralized systems, there is less time for someone to intervene and divert payments, or to capture transaction information.
- Improved Data Quality- Data quality is a big deal to banks.The problem lies in the fact that so much banking information exists in more than one place. Further, some information can be changed by multiple parties within one institution, or even by parties across institutions.
- Reduced Cost- As banks are learning, blockchain technology offers banks far more than survival — it can pave the way to greater efficiency, security, and improved customer satisfaction. In terms of cost savings, alone, banks are expecting blockchain to help reduce banking infrastructure costs by $15-20 billion by 2022.
To read more about the services and applications of Verity, please click here.