Previously, I started writing about @billions_ntwk and traditional finance but didn't finish. Today, I will wrap it up: Why existing financial institutions like HSBC and Sony Bank are interested in Billions And is it really the service we need? When I talked about it last time, the most important part was ultimately money! The KYC costs were the issue. - It's such valuable information, and at the same time, it needs to be verified very accurately, which leads to excessive data requests and costs. - Moreover, if this service changes, it has to be done anew. It also needs to be renewed periodically. (And... I really don't want to go back to those days...) (Anyone tried it? Haha) But what if it's with $BILL? ---- 1. Reusable KYC - Verified identities can be reused across multiple services - From the bank's perspective: Reduced costs for duplicate verification, expanded partnerships with services - From the customer's perspective: Reduced signup stress and hurdles 2. Advantageous for privacy regulation compliance - Structure that "does not store personal information" - The risk of data leaks itself is reduced - Clear logic of "We do not store sensitive information" 3. Connection between Web2 and Web3 - In the case of Sony Bank, it's a traditional bank, but they are considering connections with digital assets and tokenization services - Existing KYC makes it difficult to connect to on-chain services - @billions_ntwk is the perfect KYC service for this 4. Prerequisite for banks to become platforms - In the future, banks should not just be single product sellers but financial platforms + partner hubs - The prerequisite condition is the "possibility of sharing identity infrastructure," and Billions provides this ---- In other words, the current KYC system is technically correct but is becoming outdated. (It's getting more expensive, heavier, and less compatible...) For now, it's in an 'experimental' area in the form of pilots or collaborations, but the collaboration with Sony Bank following HSBC will be a signal that "Ah! Major financial institutions recognize the same problem!" Perhaps this could be seen as the starting point for the mass adoption of on-chain that everyone desires?

@billions_ntwk That's not me..