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Vandana Malik
Jul 8, 2020
by Vandana Malik

CBSL Begins Development of Blockchain Based KYC Proof of Concept

CBSL
The Central Bank of Sri Lanka, CBSL has recently entered into an agreement through which it will be working on shared KYC solutions. This has been revealed that the bank is all set to start the development of blockchain shared based KYC proof of Concepts (PoCs). In the announcement, it has also been mentioned that the study of blockchain has been started by the banks and different industries back in 2018 only.

CBSL also invited company for its project

Before this recent announcement, an advertisement also came forward in which CBSL has invited different companies related to blockchain technology to join the project of the bank. Among all the applications, the bank has finalised three of them and they will be working on the development of PoCs. It has been revealed that around 40 companies have applied with the bank to develop PoCs.

Prof. W D Lakshman, governor of CBSL has said that the central bank is working rapidly to improve the financial infrastructure of the country. Using blockchain technology to share the KYC information is going to play a major role in the banking sector as well.

Companies across the world joining the project

It has been mentioned that various companies across the world are joining the project of CBSL voluntarily. Due to such vast applications from across the world, it has been said that the selection process of these companies was quite competitive. This is going to play a major role in the digital innovation of the country. Along with this, there will be a great potential to apply the blockchain technology in different financial services. Mr D. Kumaratunge, Director of Payments and Settlements has said that the country is promoting the adoption of digital transactions. He also said that by having POC for shared KYC is going to play quite an important role for this.

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    CBSL Begins Development of Blockchain Based KYC Proof of Concept
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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