Rakuten Securities and Soramitsu, a blockchain technology company based in Japan, announced that they jointly developed identity verification (Know Your Customer) system utilizing blockchain technology.

Recent years, various issues surrounding KYC have occurred in financial industry and the utilization of blockchain technology into KYC system has been discussed in the world. To solve those problems, the two campanies co-develop Japan’s first high-security KYC system utilizing one of the latest Fintech, blockchain technology as well as working on the integration with existing systems.

Soramitsu has a vision of creating a world where everyone can easily interact with each other using blockchain technology by focusing on developing a digital identity platform for blockchains.

Through the joint development, Rakuten aims to expand its customer base by providing more secure trading environment powered by blockchain technology.

(Source: Rakuten Securities)

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