ODeX India Solutions have announced being amongst the first in the world to launch a BlockChain (Permissioned Ledger) based eKYC Platform for the Shipping Industry.
The eKYC platform, developed by ODeX – leverages the principles of BlockChain technology – to build a comprehensive, validated and immutable Electronic KYC Platform, where Customers can provide this data without worry or fear of the data being compromised.
In India, logistics industry has to comply with the KYC norms set by statutory bodies – and thus each stakeholder is compulsorily required to collect, validate and maintain the KYC of all their customers. This process can often be time consuming and cost intensive. Global studies have identified that the Industry spends Millions of Dollars on compliance – with little or no improvement in the KYC management process; and at times putting data at risk.
BlockChain / Permissioned Ledger based technologies ensure that sharing sensitive data is now possible in a secured, decentralized, automated and verified manner.
ODeX eKYC Platform uses multiple verification and validation processes, including authentication of digital signature and automated verification services from neutral verification providers (like NSDL) – to ensure that data is complete and correct.