Pakistan's Banks Embracing Blockchain for KYC

Wow, this whole thing about banks in Pakistan using blockchain for KYC is kinda interesting. Sure, it’s not really about bitcoin or any CBDC, but at least they’re trying to bring blockchain into the mix. Maybe this could lead to some bitcoin acceptance down the line... but I wouldn’t hold my breath.

I think you’re totally overestimating this. Just because they’re using blockchain doesn’t mean it’s a step towards bitcoin adoption. There are tons of blockchain use cases that have nothing to do with crypto. I mean, some places in my country have been using it for issuing birth certificates for years.

A centralized blockchain for KYC? Sounds sketchy. I mean, what’s the point? It feels more like a cash grab by some fintech firm that sold them on this idea. Can’t see this being anything groundbreaking.

Right? They keep calling it ‘decentralized and self-regulated’ but it sounds like a fancy shared database to me. I doubt it’ll change much, except maybe making their systems sound cooler. But I bet they just want to cut costs and access data easier.

How is blockchain gonna make KYC checks easier? Unless they’re designing a system that can’t be hacked. The only logic I see is that they shouldn’t even keep KYC data around. It should vanish once the account is closed.

This isn’t new, though. Estonia’s KSI blockchain has been doing this long before bitcoin. I don’t know the specifics for Pakistan, but they’re supposed to give you a digital ID to pass KYC checks. A central authority still needs to verify it.

Thanks for that insight! Gotta look deeper into this. But honestly, it kinda seems like a Git server that just saves commit hashes... centralized blockchains usually end up that way.

No tokens are on the table here. Crypto is still kinda illegal in our country, so the thought of issuing tokens is just wishful thinking. Blockchain is seen as a different tech, not tied to any crypto stuff. But hey, maybe one day our government will see the light and think about bitcoin!