June 30, 2020
Blockchain is inarguably one of the most significant technological revolutions in the last decade. It has become a game changer in multiple aspects of the private sector and government operations and a transformative force in the technology space. As such, researchers, scientists, and investors are immersed in exploring blockchain’s full potential, analyzing its limits, and defining next steps and future applications.
While blockchain technology is still at its infancy stage, the practical implementation stretches far beyond any single use case. This year has already shown flashes of innovative technologies to come, which may be a turning point for the blockchain space. First Shoshin is capitalizing on this opportunity as it plans to release a proprietary blockchain solution that will be the most extensive implementation to date.
What is Blockchain?
Blockchain is a decentralized public ledger for recording all transactions in a verifiable, tamper-proof manner. In other words, blockchain allows the storing of all digital transactions across a network of nodes (computers) while enabling anyone on the network access in near real-time.
To maintain the network, blockchain employs decentralized consensus as there is no centralized authority that controls the system. This means that each node on the network confirms the validity of every transaction whenever it occurs. If most of the nodes confirm a transaction to be valid, it is added into a block in chronological order.
Benefits of Blockchain
Enhanced Security: With a distributed consensus architecture, all transactions must be validated before they are recorded. Data is encrypted and distributed across a network of nodes, eliminating any single points of failure. It offers an incredibly secure, immutable record of transactions, eliminates the double-spend issue, and allows one to track assets for proof of ownership.
Greater Transparency: Its immutable, public ledger acts as a source of truth for all network participants with permissioned access.
Privacy: It provides granular data privacy by allowing selective sharing of data in enterprise networks. This dramatically enhances transparency and efficiency while upholding privacy and confidentiality.
First Shoshin’s Revolutionary Blockchain Platform
In only a short time, First Shoshin has made tremendous efforts to build a presence in the technology space by blazing the blockchain path with countless implementations.
First Shoshin is yet again set to becoming a frontrunner in blockchain innovation by developing its proprietary blockchain technology. Not only will this be the first-ever blockchain protocol in the Philippines but also the most extensive and complete blockchain implementation ever done.
Unlike any platform ever developed, First Shoshin’s proprietary blockchain platform aims to revolutionize finance and audit by including fiat transactions on the chain with complete end to end trail of all transactions.
This will offer unprecedented visibility into the complete lifespan of all transactions within the operations of financial institutions, plus eliminate the demand for costly and time-consuming compliance activities along with the transfer of funds or payment processes.
Banks are, by nature, not seamless payment hubs where transactions are processed instantly. Typically, these payments have to be routed through third-party services, like SWIFT and may take days to complete. Blockchain technology is the real-time payment solution to this problem. However, mass adoption of digital assets by institutional players has been hindered by the perceived compliance, fraud, and security risks associated with the market.
Fortunately, these issues relating to KYC/AML compliances can be easily solved with the help of blockchain technology. Know Your Customer (KYC) and Anti-Money Laundering (AML) is essential for financial institutions to identify their clients and also prevent and track crime. But it has also been a major burden for financial institutions such as banks and insurance companies because of the inherently expensive and tedious process.
We utilize the decentralized blockchain infrastructure to authenticate and securely record and transfer clients’ KYC/AML data. Thus, our proprietary blockchain will act as an incredibly secure platform to record data and information related to KYC and AML compliances, addressing major challenges faced by most financial institutions such as:
Information asymmetries between financial institutions and regulators
Duplication of compliance efforts between and within financial institutions
Resources spent validating documents as opposed to assessing risk
First Shoshin believes their soon-to-be released platform will push the boundaries of the existing blockchain technologies by offering universal transparency with higher security.
Its proprietary blockchain platform will shapeshift the existing decentralized technologies plus the nature of today’s business in a significant way. The new platform is positioned to offer a reliable solution to streamline operations and a unique array of tools for governments, enterprises, and startups in a myriad of industries including real estate, transportation, banking, insurance, and many more. Its ability to solve the various issues with the current blockchain in an efficient and time-sensitive way is a big reason for immense adoption and implementation.
“Everything will be connected by a blockchain one day. It might sound daunting to most but ultimately the blockchain creates a safer world. Blockchain technologies have wide-reaching implications across sectors and industries around the world. The space is very ripe for innovation and it’s crucial for us as a FinTech company to keep pace with technological developments and understand how these can help us make the world a lot better, simpler, and safer for everyone,” says First Shoshin Chairman Jack Ponce-Enrile.