ODeX India Solutions have announced being amongst the first in the World to launch a BlockChain based eKYC Platform for the Shipping Industry.
MUMBAI: The eKYC platform, developed by ODeX – leverages the principles of BlockChain technology – to build a comprehensive, validated and immutable Electronic KYC Platform, where Customers can provide this data without worry or fear of the data being compromised.
In India, logistics industry has to comply with the KYC norms set by statutory bodies – and thus each stakeholder is compulsorily required to collect, validate and maintain the KYC of all their customers. This process can often be time consuming and cost intensive. Global studies have identified that the Industry spends Millions of Dollars on compliance – with little or no improvement in the KYC management process; and at times putting data at risk.
BlockChain based technologies ensure that sharing sensitive data is now possible in a secured, decentralized, automated and verified manner.
ODeX eKYC Platform uses multiple verification and validation processes, including authentication of digital signature and automated verification services from neutral verification providers (like NSDL) – to ensure that data is complete and correct.
The platform was piloted with one of the top 3 Carries globally and by AMTOI, the industry body for Freight Forwarders and Multi Modal Transport Operators.
“We believe that we’re bringing a great change to the B2B industry. With the KYC Blockchain, we give businesses better control over their data and lower cost of compliance. Compliance costs have grown by over 20% in the last two years and we’re hoping that with this we make operations much smoother,” said Ms Liji Nowal, Managing Director at ODeX India Solutions.
ODeX is amongst the first in the Ocean Shipping industry to launch a blockchain platform solely for eKYC verification. Their other services include eInvoicing, ePayments, eForm 13, eHBL, eDelivery Order, and eVGM.