Kompany to Move Data of Millions of Companies onto Blockchain for KYC/KYB Requirements
Commercial data provider, kompany.com has recently announced its development to provide electronic ledgers of original and authoritative company information. At the 2016 joint conference of the European Commerce Registers’ Forum and Corporate Registers’ Forum in Cardiff, UK, the company detailed its plan to apply a hybrid blockchain to continuously monitor and note changes of official company information such as company filings, changes in directors, etc. This would allow kompany.com to provide an authoritative and up-to-date source of actual and historical, fully auditable and valid company vitals and filings.
The company blockchain also offers a one-stop-shop access to retrieve all available information and official documents on a specific company and its officers, including the identification and visualization of interconnections with other companies and beneficial owners worldwide. Moreover, it enables a search for companies based on all current and future identifiers, including commercial register number, LEI, EUID, REID, DUNS®, Bloomberg Global ID/FIGI, Thomson Reuters PermID, EIN and VAT numbers.
The growth of know-your-customer, know-your-business, anti-money-laundering and enhanced due diligence requirements is driven both by regulatory changes and the commercial need to avoid business disruptions. The automating of these processes will reduce the time and costs that the financial industry spends in order to comply with the regulations.