The past week has been a fruitful one with many blockchain events attended and team meetings concluded.
Our product focus is now clearer after an intensive thought process and updates to our whitepaper will be released soon.
We have decided to continue building upon our KYC/AML and Credit Rating concept and move on to the product prototyping stage. Before that, we are engaging industry partners for talks and requirements gathering.
Key appointments for KYC/AML compliance and technology roles are also under way.
The financial services industry is a big area with problems and pain points which blockchains may be able to address. For CashDab to succeed, the approach to using blockchain optimally must be approached with the following ethos:
To promote societal inclusivity of all walks of life.
To help consumers and businesses save time and money.
To reduce fraud and criminal activities.
To make the global KYC/AML and Credit Rating process a fairer process.
Many people are unfairly penalised by draconian KYC/AML regulations and credit ratings, and we hope to be able to fix this issue by creating an active feedback community, as well as working with existing financial service providers.
CashDab cannot solve all of the financial services world’s problems, but we can take small steps towards fixing them one at a time. Throughout the process of achieving CashDab’s ultimate goal, we will ensure inclusiveness and consider all feedbacks from anyone who may be interested to help improve our dapp. We may make concept and design errors along the way, and we seek the communities patience and feedback.
The decision to build upon the KYC and AML product first is because it is an existing and pertinent paint point for consumers and financial institutions, and we believe post completion of our KYC and AML product, other related financial services can be spun off.
KYC, AML Credit Rating processes came after banks were created.
We believe that 21st century banking requires the KYC, AML and Credit Rating products to be made first, then later on augment traditional financial services.
This is to promote a fair and inclusive KYC and AML process and remove unfair customer penalisations.
We believe the concept of KYC, AML and Credit Ratings is set for big changes, and it could that at some point in the future, that these concepts may cease to exist and we hope to be part of the technology which makes that transition, but that is a digressive topic for another post.
See link to our previous of the concept flowchart.