Puut Wallet’s blockchain network allows businesses and institutions to securely tokenise and store personal identification in users’ digital wallets
Author: Mark Arthur, Founder and CEO, Puut Wallet
23 Dec 2019
Blockchain technology has been shaping the financial services industry for the past 10 years, providing a distributed database system (known as a ledger) that can be used across a range of applications. The technology can ensure safe and fraud-free financial transactions and contracts using cryptography.
As well as being transparent, fast, cheap and secure, blockchain transactions do not require the involvement of a third party or trusted intermediary. This limits the number of external factors that could have an impact on transactions and stored capital. If a bank was involved, for example, another banking crisis would affect the blockchain. International wire transfers usually use old systems such as SWIFT, which can take four to seven days to complete. Blockchain transactions, on the other hand, can be processed and settled almost instantaneously. Transactions are also made publicly; senders, recipients and interested third parties can monitor transactions using the ledger.
Puut Wallet is also able to store a handful of cryptocurrencies, enabling businesses and users to pay invoices using cryptocurrencies and to receive crypto payments
With blockchain offering a solution to the issue of trust in financial transactions, it has circumnavigated the need for Know Your Customer processes. This will likely contribute to the future ‘tokenisation’ of personal identification media, such as ID cards, passports, social security numbers and utility bills, which could lead to consumers holding a single digital ID, or a universal token, that can be accepted globally. Moreover, the use of…