IBM Center for Blockchain Innovation       


IBM Center for Blockchain Innovation - Projects

Researchers at ICBI are currently focussing on following projects:


Shared Know Your Customer (SharedKYC)

The KYC onboarding process is an expensive and inefficient process for banks, especially for their corporate customer accounts. Each time a corporate wants to open an account, it goes through a tedious process that requires submission of numerous documents, for example, legal documents for proof-of-existence of the corporate and personal documents of its executives. Generally, there is a wait time of several weeks before a bank account is established, leading to a poor customer experience for these customers.

Moreover, large corporations deal with many banks; for instance, IBM as a corporate client deals with over 90 banks in Asia Pacific alone. Thus, they need to repeat the onboarding process with each bank they deal with. In addition, they are subject to periodic refresh of these documents, every one-three years depending upon the regulatory requirements, which means they should undergo the same tedious process again for all the banks they are associated with.

Furthermore, changing regulatory requirements around anti-terrorism and anti-money laundering, make things even more complicated for the banks who need to comply with the new requirements.

Banks can achieve increased efficiency and effective regulatory compliance by sharing the KYC data and hence there is a strong need for a shared KYC solution. To leverage on the shared customer information through the KYC solution, banks have to be a part of the blockchain business network.



This project was kickstarted to streamline IBM internal cross border transactions managed through intercompany agreements but has gained widespread attention due to the applicability of the use case to any large Multi National Company (MNC). The intercompany transactions for any global MNC can be challenging to deal with due to a very complex operating environment. There are number challenges like:

  • Large volume of transactions for global enterprises
  • Introduced need for compliance with many local regulatory authorities and may lead to greater regulatory scrutiny by these authorities (for example tax authorities)
  • Centralized business service centers / hubs may be required to streamline the charges
  • Three major business functions Accounting, Tax and Treasury may need to collaborate increasing complexity of business operations

Although many companies use central hubs to process billings for intecompany transactions to centralize the services and save costs. In context of services, the central hubs accumulate & aggregate billing expenses from performing countries and allocates them to requesting countries. This can lead to further challenges like:

  • Due to aggregation, charge & service flows are separated, leading to loss of resolution from where a particular charge originated
  • Reduced visibility into the expense lineage
  • Supporting documents (audit compliance evidence) may be scattered across siloed systems in different countries and retrieval may be challenging at the time of audit
  • Tax deductions for intercompany transactions may be disallowed if sufficient evidence is not provided during audits leading to disputes. Additional work necessary to improve tax audit defense

Blueaudit provides a solution to manage and record such transactions in a secure and immutable way by leveraging the capabilities of Hyperledger Fabric. It also provides end to end visibility into the intercompany expenses for any MNC.


Project Specific Community Wiki

These links are accessible only by IBM employees

Academic Contributions

IBM Teaching Blockchain@NUS

External Links

Fintech Hub SG