There are multiple processes in Banking and Financial Services that rely on certification processes. From the professional certificates that finance professionals need to hold to perform some regulated tasks to the certificates that are needed to approve a loan or mortgage.
Along all their value-chain, financial services have complex processes with multiple stakeholders, inherent inefficiencies and frequent manual errors and delays.
These processes could be significantly simplified by incorporating certifications and smart contracts in the blockchain. For instance, smart contracts could automatically verify land ownership and interface with various stakeholders such as legal and tax departments. By eliminating silos, a blockchain solution would remove inefficiencies, reduce time and cost, and support better customer experiences.
Blockchains technology allow you to issue digital certificates that are impossible to fake, easy to distribute and far more durable and secure.
Vottun protocol can help financial services companies to streamline their current certification processes and take advantage of the blockchain technology. Vottun works with public and permissioned blockchain allowing interoperability between actors in the ecosystem that rely in different blockchains.