The Challenge

Financial institutions are facing an explosion of costs related to identity compliance. Annual spending and fines for know-your-customer and anti-money laundering regulations now exceed $18 billion, more than double their levels before the financial crisis. At the same time, strict new data privacy rules are limiting the ability of institutions to freely collect and share the personal identity data needed to complete these checks. Centralized compliance databases struggle to meet these conflicting priorities, resulting in duplication of the same identity checks across institutions and severe impacts to customer experience and operating costs.

Identity Compliance Spending and Fines ($B)

Source: Accenture, Celent

Our Solution

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.

User control
of personal identity

Reuse of
identity validations

audit trail

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.