Identity Compliance Spending and Fines ($B)
A better way is now possible. Cambridge Blockchain's distributed architecture resolves the competing challenges of transparency and privacy, leading to stronger regulatory compliance, lower costs and a seamless customer experiences.
Cambridge Blockchain solves the problem of enabling strong digital identities at a global scale while providing individuals control over their identity data. By combining blockchain technology with an off-chain personal data service, we create an independent source of truth through the network effects of transactions amongst individuals and trusted parties. Never before has identity been so reliably and flexibly managed leading to seamless transactions, operational efficiencies and strong privacy.
By giving control of personal data back to the end user, Cambridge Blockchain allows financial institutions to collect and validate client data in privacy-protecting manner. Our platform facilitates client control of their own personal data in a single, unified version through a virtual container called a Personal Data Service ("PDS"). Using the PDS, a user can: 1) pre-approve automated rules that allow financial institutions to access the data; 2) ensure that each division is working with the most updated version of the data, and; 3) confirm that the data is identical to what has been checked by another trusted party. The shared blockchain ledger does not contain any personal data, but rather cryptographic proofs that can attest to the validity of personal data (and who has signed it) along with an auditable and trusted tracking of changes.
Cambridge Blockchain was a graduate of the (2016) FinTech Innovation Lab, a 12-week program in which an elite group of growth technology companies are selected to be mentored by senior executives from the top financial services companies and some of New York's leading entrepreneurs and technology luminaries. The FinTech Innovation Lab was co-founded by Accenture and the Partnership Fund for New York City in 2010.
Cambridge Blockchain is one of the finalists in the BBVA Open Talent, a program that is exploring and seeking innovative technological projects related to finance technology as well as projects affecting this industry that can influence its evolution in the transformation process. Related to, for example, Big Data, security, APIs ...
Santander InnoVentures, the $100 million fintech venture capital fund of Santander Group, in partnership with Onevest, a leader in the startup ecosystem operating CoFoundersLab and 1000 Angels, today announced Cambridge Blockchain as the winner of its Distributed Ledger (DL) Challenge. Massachusetts based Cambridge Blockchain was among five finalists, selected from more than 100 applications, to pitch directly to the judging panel at the Challenge final in New York on 27th January.