10 R3 Bank Members Successfully Test Blockchain Identity Registry System

Ten banks from the R3 blockchain consortium have successfully tested a KYC (know your customer) registry based on a distributed ledger.

Earlier this week, R3 said that the three-month project involved financial institutions including BBVA, CIBC, ING, Intesa Sanpaolo, Natixis, Nordea, Northern Trust, Société Générale, UBS and US Bank. The registry serves as a shared platform between banks to create and manage digital identities, providing a KYC management mechanism for the financial sector.

Regarding this test, R3 said:

Based on KYC data, the project records and collects identity information of enterprises and individuals, providing third-party identity authentication services.

Not long ago, R3 announced the establishment of an innovation lab in Singapore, which aims to create a blockchain application testing environment and provide an excellent platform for financial institutions interested in researching the technology. The establishment of the lab has also received strong support from the Monetary Authority of Singapore (MAS), the central bank of Singapore.

Over the past two months, there have been reports that the bank alliance is conducting distributed ledger experiments. First, 12 R3 alliance bank members tested the liquidity of Ripple (XRP) in global bank accounts; second, there are reports that 8 R3 blockchain alliance bank members successfully tested Intel's Sawtooth Lake blockchain platform. Earlier this month, Deutsche Bank also announced that it would join the R3 alliance.