NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Indian Startup Uses Blockchain & Watson Speed Banking Compliance

Gautham
Gautham
4 years ago
2 mins read
signzy, watson, cryptocurrency technology, blockchain, ibm

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Blockchain, Artificial Intelligence, and Machine Learning are three buzzwords (four if you consider Bitcoin as well) dominating the internet. An Indian startup, Signzy Technologies has combined all the three to create a digital trust platform that speeds up compliance in the country’s banking sector.

Signzy has leveraged on the vast capabilities of IBM’s Hyperledger Fabric Blockchain service and Watson cognitive computing and machine learning platforms to come up with the innovative product. According to IBM’s recent press release, the Signzy service will be capable of cutting down the identity verification and KYC compliance process for the banks by over 80 percent. IBM Watson’s intelligence and pattern recognition capabilities will play an important role in fraud recognition while the blockchain ensures privacy and security of the collected data.

The services provided by Signzy is said to be in accordance with the compliance requirements set by the country’s central bank — the Reserve Bank of India. As most banks rely upon manual verification at the moment, the technology platform will make the task easy for the institutions, helping them detect fraud, money laundering, financing of terrorism, identity theft and other illegal activities.

In order to use the system, banks will have to upload the relevant documents and images collected from the customers. These files will be processed by IBM Watson Document Conversion Service to interpret the text and images. It will then cross-verify the documents with an individual’s actual appearance using AlchemyVision Service and other relevant services to ensure their authenticity.

Its creators have initially trained the system by entering different data patterns, enabling it to recognize normal behavior and “red flags.” Based on the analysis of documents, the system generates a forgery score, highlighting anomalies, which comes in handy for further investigation.

Earlier studies on the potential of blockchain technology in the banking sector by the likes of Banco Santander has reported a potential savings of about $20 billion in compliance costs over time. The solution provided by Signzy in association with IBM is one such example. The future will see many more implementations, which could streamline banking operations, drastically reducing the cost for institutions. But whether these institutions will pass on the benefits to customers or not, is an entirely different story.

Ref: IBM Press Release | Image: NewsBTC
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum raggiunge i 6 miliardi di dollari in fondi tokenizzati mentre i grandi investitori entrano in gioco.

La piattaforma di smart contract di Ethereum ha superato una soglia storica: secondo i dati condivisi da Token Terminal su...

clararosati 7 hours ago

Letni zastój na rynku Bitcoina? Niektóre wolumeny najniższe od lat

Dane on-chain pokazują, że wolumeny handlu Bitcoinem na rynku spot i rynku futures spadły do nowych minimów, mimo że cena...

newsbtc 7 hours ago

Theta Network Welcomes Prestigious Hongik University as the 21st Academia Customer of EdgeCloud Hybrid

Theta Labs, the leader in decentralized cloud infrastructure for AI, media, and entertainment, today announced that the High-Performance Data Processing...

News BTC 8 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Price Crash To $92,000 Or New ATHs? Analyst Explains The 2 Options

Scott Matherson 1 hour ago
Snaky Way Presale Live: AI Meme Coin $AKE Gears Up for Bull Run

Snaky Way Presale Live: AI Meme Coin $AKE Gears Up for Bull Run

Aaron Walker 4 hours ago
Solana

Solana’s Pump.Fun Loses Steam With Exit Scam Rumors, LetsBonk.Fun Claims 54% Of Total Market Share

Scott Matherson 5 hours ago

Premium Sponsors

Press Releases

  • Felpörgő alternatív kriptovaluta a Dogecoin (DOGE) helyett – 650 dollárból 65 000 dollár lehet 4 hónap alatt

    Felpörgő alternatív kriptovaluta a Dogecoin (DOGE)...

    3 hours ago
  • 3 figyelemre méltó altcoin 2025. júliusának első hetében

    3 figyelemre méltó altcoin 2025. júliusának első...

    4 hours ago
  • Oblíbená alternativa Dogecoinu (DOGE), která z 650 USD udělá 65 000 USD za 4 měsíce

    Oblíbená alternativa Dogecoinu (DOGE), která z 650 USD...

    5 hours ago
  • 3 altcoiny, které sledovat v prvním týdnu července 2025

    3 altcoiny, které sledovat v prvním týdnu července 2025

    6 hours ago
  • Trendingowy alternatywny kryptowalut dla Dogecoin (DOGE), który zamieni 650 USD na 65 000 USD w ciągu 4 miesięcy

    Trendingowy alternatywny kryptowalut dla Dogecoin (DOGE)...

    6 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.