Company records being breached by hackers and other internet criminals is nothing new these days, although some companies have started to take appropriate action. Kompany.com will be moving all of their company records to a blockchain shortly.
The name Kompany.com may not ring a bell for most people, but opening their website tells the entire story. Anyone can look up the US or European company profile by entering the business number of the company name. Additionally, this platform also lists document filings for those particular companies, all of which adds up to a lot of sensitive information.
Keeping that information safe is a major struggle these days, as security issues and data breaches are becoming more worrisome than ever before. The business has decided to move all of their company records to a hybrid blockchain solution, which will continually monitor and note changes of official company information in real-time.
But there is more to this approach, as the Kompany.com blockchain solution lets anyone in the world retrieve information in a more convenient way. This information can range from a company registration number to beneficial owners around the world. Additionally, the company will expand the search identifiers for all companies, including EUID, VAT numbers, and Thomson Reuters PermID.
Making this change to the blockchain is not without consequences though, as Kompany.com has to ensure they remain compliant with KYC and AML procedures regarding the information they collect and share. Blockchain technology will go a long way in this regard as it provides additional transparency and accountability.
At the time of publication, it remained unclear as to when Kompany.com would make the transition to blockchain technology. This news couldn’t come at a better time, though, as the database is unable to handle most of the requests right now due to a HTTP 500 error. Removing any central point of failure is of the utmost importance for any business.
Source: Finextra
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