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The use of technology in this situation would allow for effective data management, transparency, accelerated processing times, reduced reconciliation, and even the removal of some middlemen, like brokers. By expediting and streamlining the process, as well as significantly reducing costs and obviating many traditional middlemen, blockchain can improve cross-border payments. Additionally, it would make money transactions less expensive.
After the online identity is moved to a blockchain-enabled infrastructure, users will have a choice over how and with whom their identity is shared. Users still need to register their identities on a blockchain, but after doing so, they don't have to do so again for every service provider—as long as those service providers are also connected to the blockchain. Blockchain technology can be used, for instance, to meet know-your-customer standards, where a digital single source of identifying data might make it easier to open an account, save money and resources, and guarantee data protection. A number of startups are developing applications for identity management.
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