I'm not a tech-head but one thing I remember the company say is that in most or even all banks there will be multiple legacy systems - with every technological or regulatory change it is cheaper and more convenient for a bank to retain the old systems for existing accounts / records and build a new system going forward. In an ideal world every bank would have a single up-to-date system. In reality companies like Identiti have a niche in harvesting the data from the various systems and presenting them in a common acceptable form for regulators. Would that change with blockchain? I think the Identiti guy, Joe Higginson, said in that interview that different institutions or jurisdictions might want different data fields on the tokens they create so once again there will be a niche for the likes of Identiti to marry up the different data sets to what specific regulators want. Again I stress that I sometimes am challenged by light switches so most likely have no idea on this topic.
The best take-away I got from the interview was at one point JH said that the solutions that Identiti come up with are scalable. For instance there are about 15,000 entities that are required to report to AUSTRAC and that in every other jurisdictions entities will have to report to their AUSTRAC look-alike. That is why the CEO said in the quarterly that they do not measure success by signing up a couple of dozen customers to their SaaS product.
It would be nice though when they have signed up a couple of dozen customers just so we get an idea they are on the right track.
Thanks heap bba for the link, good to get a glimpse under the bonnet.
ID8 Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held
