A Journey of Fintech Giant Towards 45%
Cost Reduction through Blockchain Technology

Client Challenges

• Business expansion was the immediate thing on the wish list of the client and the acquisition of Romanian firm was its strongest indication
• The client also acquired few customers in Africa, where their presence is not predominant
  However, with increasing business spheres and customers, the client found it exponentially hard to
• Protect identity and personal data of users
• Establish a bond of trust with banks
• Create and speedify paperless processing
• Reduce the repetition of Know Your Customer (KYC) processes across service providers and thereby cost
• Achieve real-time settlement with banks and billers

Our Solutions

Since security, efficiency through paperless processes and cost reduction were the key concerns of the client, we proposed the use of blockchain technology without any hesitation. The proposal was backed by the following reasoning-

1) Security:

The shared documentation of transactions can only be updated and/or modified with consensus on a blockchain network. If the majority agrees to update a record, then the information is edited. Besides, when a transaction is approved, it gets encrypted and connected with the previous transaction. It directly implies that no one person or party can abridge the records.

2) Efficiency:

Since blockchain includes only one ledger, it eliminates the need of maintaining multiple documents. Also, it gives unified access to the same information, making it easier to establish trust. Consequently, it allows smooth settlements without any need for intermediaries.

2) Cost Reduction:

As blockchain fosters trust between you and your trading partner, it automatically eliminates the need for third-parties and middlemen. It can prove a significant cost-saver. Also, as everyone gets to view a single immutable version of the ledger, cost and effort spent on documentation get reduced.

After zeroing on the decision of blockchain technology usage, we divided the solution into two parts

2) Selecting the Right Blockchain Technology:

After doing the SWOT analysis of all the available blockchain technologies, we concluded that Multichain was the perfect match for our client’s needs.