Lenders should use blockchain for identity verification

A panel discussion of experts on blockchain technology was held during the American Banker’s Digital Lending and Investing conference. During the discussion, the experts concluded that lenders need to start using blockchain technology not only for smart contracts but also for identity verification. They argue that, if lenders move to verifying identity using blockchains, it will lower costs. Eventually, with the cost of trust reduced, lenders will be able to lend to larger coalitions and offer more tailored lending products. It’s a win-win situation for both lenders and consumers.

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