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Engage your brain before you Blockchain, warns Ethereum automator Pegasystems

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Alan Trefler, founder and CEO of Pegasystems

Software development automator Pegasystems has launched a Pega Blockchain Innovation Kit to help banks finish their projects quicker. The system was announced at PegaWorld 2108, the annual gathering of Pegasystems users and partners in Las Vegas.

The blockchain automator aims to recognise many of the repetitive processes involved in Ethereum rollouts. By anticipating the most commonly occurring problems and creating programmes that emulate the most likely responses, it aims to automate the resolution of many of the time-consuming challenges facing Blockchain projects.

According to one banking client at PegaWorld 2018, Pegasystems can cut the development cycle of a quotes system from two years to around nine months.

The downloadable the kit provides a proof of concept template for banks to test how applications – such as Pega Know Your Customer (KYC) and Pega Client Lifecycle Management (CLM) – can use Ethereum blockchain to orchestrate their onboarding processes.

By using the Blockchain kit to tweak their CLM and KYC apps, banks can tighten security, encourage collaboration and slash costs, according to Pegasystems.

With banks already spending billions on compliance for new and existing customers the constant addition of new regulations could send costs soaring. The kit aims to keep a lid on escalating expenses. The kit also aims to help banks to avoid the risk that their automated systems are used for terrorist financing and money laundering. Blockchain can help financial institutions share this burden and eliminate duplicate efforts by vetting customers in a shared distributed ledger.

In the future, banks may collaborate on blockchain with shared access to the most up-to-date customer KYC records while jointly verifying any changes to the data over time. With advanced cryptography, data immutability and transparency, blockchain reassures banks that the records are secure, consistent and accurate, even in an open environment used by competitors. A permissioned blockchain would give member institutions control over who ultimately can access the blockchain network and give their clients control over which institutions can access their data.

“As the breathless hype around blockchain continues to escalate, many are jumping on the bandwagon without first knowing what real business problems they want it to help solve,” said Alan Trefler, founder and CEO of Pegasystems. “Our kit will help you explore blockchain as a new piece to their digital strategy.”

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