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It is a Consensus-based distributed database (registry of documents) for Businesses as well as Individuals with high availability & security. It is built on Blockchain, the tech which powers Bitcoins & other cryptocurrencies. You can also call it peer-to-peer, Structured Document Vault which has high security. Businesses or Individuals struggle a lot in digitizing & managing their own or customers records by investing a lot of money, time & resources.
Let’s say, for example, Kotak Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank. Below steps will result in saving cost & time through Intra-Bank KYC Blockchain model.Let’s say Kotak Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank. Below steps will result in saving cost & time through Intra-Bank KYC Blockchain model.
Blockchain is a distributed list of public or private ledger recorded in the blocks. It is a foundational technology of most of the cryptocurrencies on the Internet. Most famous among all is Bitcoin. You can virtually imagine it as a long list of memory blocks connected to each other sequentially in a very very knit manner. Where these blocks are stored redundantly in multiple computers spread all over the world making it highly available & fast.
Lockers are virtually the collection of documents & categories of an entity. You can also call it a place where you will keep your documents stored for an individuals or a business. One account can have multiple lockers for multiple purposes. For example, Alice can have 3 lockers to have better arrangements of her documents or records.
Documents or Records in RecordsKeeper are the digital copy of any document, record, transaction, agreement, file, page, image etc. Anything that can be converted into a PDF, JPEG, PNG, ZIP or GIF can be called document or record. In Rec In RecordsKeeper, an account can have multiple lockers and each locker can have zero or more categories associated with each locker. Again these categories can have zero or more documents associated with it as shown in the below diagram.