The team at ParallelChain has stayed true to their goal of offering innovative blockchain solutions to meet the evolving and diverse needs of businesses across different industries. Built atop of the ParallelChain blockchain platform are a suite of high-performance enterprise solutions integrated with cutting-edge AI technology, covering a wide range of use cases across finance, data security, procurement and so on.
Overview Of The RegTech Market
Regulatory Technology, otherwise known as RegTech, refers to technology solutions that help businesses enhance their regulatory processes and make compliance more efficient and effective. RegTech solutions may differ in the types of regulation they are designed to facilitate such as KYC, ESG and GDPR to name a few, however, their essential functionalities are often similar: monitoring, verifying, and reporting. While the financial sector has been the major user of RegTech solutions, the market is fast expanding as other industries, such as construction and manufacturing, also need to comply with evolving standards and increasingly stringent rules.
An Unprecedented Blend of RegTech and Blockchain
Blockchain is considered by many as the most disruptive technology of the decade, it is most famous for being the underlying technology behind cryptocurrency. However, the blockchain technology has evolved over the years to become capable of solving real-world business problems, with ParallelChain S being the first blockchain system that brings this technology to RegTech.
ParallelChain S is the blockchain system that powers ParallelChain Lab’s enterprise blockchain solutions. In short, it provides a secure, privacy-protected and tamper-proof storage of the data processed in the software; the enterprise user can also run smart contracts on the blockchain to automate processes and execute multi-party transactions. Having achieved the speeds of 120,000 TPS and 0.003s latency, ParallelChain S is the only blockchain in the market that is capable of running real-time applications, such as facial recognition and real-time transaction analysis.
All-inclusive RegTech Solution, Powered By ParallelChain
ParallelChain offers a comprehensive, customizable Regtech solution suite covering various use cases, including client onboarding, KYC verification, AML monitoring, ESG reporting, and product authenticity tracking – all are designed to be compliant with consumer data privacy, even the stringent GDPR.
The Digital Transformation Of The KYC/AML Solution
- Traditional KYC processes in financial institutions are time-consuming and inefficient.
- Businesses are required to comply with global and local regulatory authorities to reduce risks of suspicious activities and actors in the system performing money laundering or similar criminal activities.
- More imminent, especially during COVID, businesses need to digitize their onboarding process to make it more remote-friendly while ensuring effective and strengthened KYC/AML.
ParallelChain for eKYC and AML Transaction Monitoring
ParallelChain employs innovative technologies such as Artificial Intelligence, biometric recognition, and machine learning to enhance the KYC process, for example, the anti-spoofing facial verification improves the reliability and efficiency of identifying individuals while significantly reducing manual efforts.
Using Biometrics To Create Digital Identities
Multi-biometric authentication is the key feature of ParallelChain’s KYC/AML offerings:
- The authentication process can be completed in less than 30 seconds for the user.
- The in-house facial recognition technology overcomes the aging-related facial changes in the human face and can recognize the user even if the ID photo was taken years ago.
- AML screening and monitoring system powered by machine learning algorithms to keep illicit activities in check.
- Industry networks can establish a KYC infrastructure on ParallelChain S to enjoy a seamless, shared platform while keeping their own data to themselves.
Benefits Of ParallelChain
- Traceability: Internal access is recorded and traceable on the blockchain, including the employee ID, access time and duration, the IP address (ideal for work-from-home arrangement).
- Reduced costs and enhanced customer experience: delivering a seamless onboarding process for customers.
- Tamper-proof: ensuring all records and data are trustworthy and reliable.
- Data privacy compliance: allowing certain data to be time-outed or removed, a patented technique of ParallelChain.
- Access control: set up flexible rules to manage who has access to what data.
- Privacy-focused data handling: all the stored data are presented in the form of hashes, which to an unauthorized user would be just random numbers or strings.
ParallelChain Lab has continued to receive accolades from experts in the technology field for their blockchain solutions. The company boasts of a Research & Development team with more than a century of combined education and industry experience across several leading technology companies and universities.
“Blockchain is the digital enabler for a shared and decentralized economy. With its ultra-high throughput, low latency, unlimited scalability, and privacy compliance, ParallelChain has made this a reality.”
– Dr. Rai Jain,
Barbara J. & Jerome R. Cox, Jr. Professor of Computer Science, Washington University (St. Louis)
Fmr. Lecturer at Massachusetts Institute of Technology
Ph.D., Harvard University
For more information about ParallelChain and the solutions, visit – https://www.parallelchain.io/.
ParallelChain can also be found on Twitter and LinkedIn.
About ParallelChain Lab
Founded in 2018, ParallelChain Lab is a blockchain technology company and the development centre of the ParallelChain blockchain. It provides enterprise-grade blockchain services and high-performance custom solutions for different industries and use cases – all built with in-house blockchain and AI technologies.