Ethereum-based identify management protocol uPort has joined with PwC and Onfido to develop blockchain-based identity management for the UK financial sector. The partners are examining ways of improving the customer sign-up procedure and cutting compliance costs for financial firms. Customers would eventually be able to create strong financial identities based on data from all the financial firms they deal with, according to uPort Strategy and Operations Lead Alice Nawfal. PwC has forecast that technological step changes in banking could add £34.6bn ($43bn) to the UK economy by three.
Ethereum-based identify management protocol uPort has joined with PwC and Onfido to develop blockchain-based identity management for the UK financial sector. The partners are examining ways of improving the customer sign-up procedure and cutting compliance costs for financial firms. Customers would eventually be able to create strong financial identities based on data from all the financial firms they deal with, according to uPort Strategy and Operations Lead Alice Nawfal. PwC has forecast that technological step changes in banking could add £34.6bn ($43bn) to the UK economy by 2030.