Bluzelle fills a key gap in decentralized infrastructure, offering a database for applications that are built on blockchain technology — the data needs to be stored and organized somehow, and there’s no point using dated technology to do so. Bluzelle's technology has already been used to streamline the otherwise-painful Know Your Customer process for a consortium of global banks, including HSBC. The KYC solution leveraged Ethereum to enable the banks to reduce the time and cost of on-boarding customers, sharing customer data in a secure manner, and facilitate ease of customer data management. Once on-boarded, a customer’s entire profile is encrypted and stored securely and permanently in the blockchain, using a proprietary multi-party key encryption protocol that enables banks to “own” their customer's private data. Data can only be shared with other banks as specifically authorized by the customer. Pavel Bains, CEO & founder of Bluzelle shares the enormous potential for a decentralised database solution.
