credit Luxembourg has developed a proof of concept it calls KYCstart , which uses distributed ledger data for know your customer ( KYC ) procedures . It anticipates that the data will be taken up by banks , insurance companies , funds and asset servicers . Customers will have direct control of who they share personal information with and will keep track of their authorisations on the distributed ledger using smart ##phones . The technology is aimed at reducing the costs of KYC procedures .
Deloitte Luxembourg has developed a proof of concept it calls KYCstart, which uses distributed ledger technology for know your customer (KYC) procedures. It anticipates that the service will be taken up by banks, insurance companies, funds and asset servicers. Customers will have direct control of who they share personal information with and can keep track of their authorisations on the distributed ledger using smart contracts. The technology is aimed at reducing the costs of KYC procedures.