Financial services companies have been relatively quick to adopt blockchain technology. Big banks are currently attempting to create solutions for quick money transfers using blockchain. In collaboration with Accenture, Microsoft recently announced a new application of blockchain technology that may also be a boon for the financial services industry. Their new digital identification prototype uses blockchain verification to provide ID for people who would otherwise not have access to identification which blocks them from accessing many services including bank-related ones.

“People without a documented identity suffer by being excluded from modern society,” David Treat, a managing director in Accenture’s global blockchain business, said in a news release. “Our prototype is personal, private and portable, empowering individuals to access and share appropriate information when convenient and without the worry of using or losing paper documentation.”

As blockchain continues to mature, more applications for its use will emerge. With applications like Microsoft and Accenture’s new identity service that can use the technology to open up an entire new potential client base for businesses, they are likely to be more interested in investing in blockchain innovations, both internally and externally.

Have another idea for a blockchain application that could benefit an industry? Come to our next hackathon and see if we can make it a reality.

Source: American Banker

Christopher Burns

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