What is The Use Case Large Businesses for Inter-Business Setup?

Inter-Business Blockchain

Let’s say now SBI Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank. In addition to that SBI might consider tying up with Kotak for KYC and reducing the cost tremendously. How can it be done? Check below steps:

Step 1: Customer wants to engage with SBI’s one of the department. Let’s say the customer wants to open a savings account in SBI.

Step 2: Customer will share the Kotak’s KYC ID with the SBI.

Step 3: SBI will only verify the Adhar or PAN card of the user & rest of the KYC (Already Verified) will be fetched from the Kotak’s KYC blockchain.

Step 4: Voila! SBI saved time and money in KYC & reduced their turnaround time while giving account access to the customers.

In these use cases, Banks are considered only for examples, the beneficiary of this technology can be any BFSI company, Govt. Department,  or Any private organization looking to have better, state-of-the-art & secure Records keeping solutions. A blockchain-based solution, with its immutable ledger, ease of integration, and considerably lower operational and infrastructure costs, is undeniably a better option as compared to existing registries.

What is a use case for Large Businesses with Intra-Businesses setup?

For Large Business (BFSI, Telecom, Healthcare, Supply-chain)

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.

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.

Step 1: Kotak Customer applies for Bank account with Kotak and uploads the documents for KYC on Kotak’s website.
Step 2: Kotak Bank verifies the Identity by doing the KYC & upload the documents (via APIs) to the RecordsKeeper’s Blockchain (Implemented in-house in Kotak’s infra- structure)
Step 3: Kotak Opens the account & also gives “Kotak KYC ID” to the customer and also maps it to customer’s account.

Step 4: Now the same customer wants to apply for term insurance with Kotak for 3 Crore.Step 5: Customer only has to share the “Kotak KYC ID” while applying for term insurance and Bank will get KYC from customer’s account. Only additional documents can be added to the Blockchain if missing.

Step 6: Kotak can rely on the KYC documents safety & immutability because it is on Private Blockchain in a distributed manner. Also giving them high availability without relying on the central system for records keeping.

Step 7: Kotak can now produce the documents in front of regulators while proving the KYC docs directly from the Blockchain with just one click.

Step 8: Kotak can also share their customers KYC docs with the associate companies & departments externally in a highly secure manner.

How can financial institutions use RecordsKeeper Blockchain ?

Currently, banks transactions are made by creating agreements between banks, as one would do while purchasing an item from a store. A common example of this would be a bank agreeing to purchase a specific amount of stock for a particular cash price from another bank. This process is often cumbersome and slow which takes up to several days and also incurs the risk that one party may revoke the agreement. This period is known as a settlement period, and it is an issue that is costing the financial industry quite heavily.

RecordsKeeper has the potential to reduce, and possibly eliminate, settlement times due to its digital nature, ensuring the timely and secure processing of these operations. Other uses include increased transaction security, among other benefits, eventually allowing for an overhaul of the banking industry, replacing traditional back-office clearinghouses and other outdated mediums that exist between asset sellers and buyers.

Combining shared databases and cryptography, RecordsKeeper allows multiple parties to have simultaneous access to a constantly updated digital ledger that can’t be altered.

Here are few areas of the industry most likely to see an effect are:

  • Clearing and Settlement : Securities play an important role than a complex use of Blockchain’s cryptocurrencies. They are a major factor in both mechanics and legal environment. The exciting key about Clearing and Settlement is that the central authorities govern the current industry structure. But the decentralized blockchains can or cannot work in a centralized operation. It can happen because the implementation runs as permission-ed by this central entity above the market convenience. The stock exchange companies and banks are now working with blockchain orientation so as to bring the global change of easy transfer and transaction. Blockchain experts and specialists maintain these chains to support and bring the digital awareness all over the world and to people depending on blockchain and as their right hand to get things done.Clearing and settlement are the interest at the moment, but blockchain solutions are not evident in this space in the first wave. It’s more likely to be noticed in the preceding waves. But it is up to us we to remember the crucial role these institutions play in financial markets.

    How do Clearing and settlement work?

    • Savings done through streamlined back office processes
    • Verification of the identity of the certified transactions
    • Keeps a record of transaction history
    • Strangers trade directly with each other without any trusted third party person.
    • Other useful help is automating buy, sell and supply transactions on a B2B and B2C basi


  • Trade finance: Trade finance is all dependent on the bills, tax payment, registrations , letters of credit etc. Blockchain can offer the best solution for this, all the vendors can access the documents from the Blockchain which is verified and cannot be tampered.
  • Identity: In banks individual identity need to be verified at every process such as for applying for a new account , loan or a credit card, if all the identification documents such as the aadhar card, pan card, residential proof all are uploaded on the Blockchain. The identification process will be fast and secure, Blockchain can play a major in the identification process of an individual.

Blockchain can really impact the banking industry and help  in decreasing the scams which are occurring more frequently these days, such as the Nirav Modi scam in Punjab National Bank.


What is the Use Case of RecordsKeeper for Government Regulations ?

Use Case : Government Regulation Polices over RecordsKeeper Blockchain



Identification documents or licenses verification is a tedious but mandatory job for all citizens. These documents can easily be faked, which has a direct impact on a number of government agendas, for example, governments are not able to implement health or food policies efficiently due to incorrect data recorded. Recordskeeper can effectively be used as a solution for this problem, records with proper and unalterable information can be saved over the RecordsKeeper Ledger which can be easily accessed when required.

This information is safe with Recordskeeper as the digest of the document is saved in the Ledger which when altered, gets completely changed making the verification process effortless. Recordskeeper platform aims to significantly reduce the time and resources spent on cross verification of the identification documents. Once the data gets stored in the RecordsKeeper blockchain by the document hash user can claim ownership on the file. By this mechanism, the chances of generating the fake documents get reduced. So, with the help of RecordsKeeper we can increase the authenticity of government identification documents.