Empowering Document Security in Africa's Financial Sector
Some bonds are created, and we continue the momentum. Qryptal’s relationship with Standard Chartered, Ghana, is one such. We have been participating in the Standard Chartered Digital Banking, Innovation and Fintech Festival for years. This year, the topic of the hybrid event is - Powering Africa’s Digital Economy: Platforms, Players, and Policy.
As a thought leadership event, this platform provides a window for sharing best practices worldwide and experiencing the massive strides Ghana has made on the national digitalisation journey. This year we will share our thoughts on Reimagining Document Security in the Finance Industry and how to integrate sustainable practices towards financial inclusion. We desire to help shape strategies and policies as African powers towards a dynamic, future-proof digitised financial ecosystem.
You can listen to Vinod Vasnani, who will speak on Integrating Sustainability and Financial Inclusion to Drive Economic Growth on 27 October 2022 @11:30GMT.
Document security has always been the bedrock of financial innovation, and Qryptal has been leading in the area since 2011. Qryptal’s secure QR provides Blockchain-like security at a fraction of its cost.
Ghana’s ICT sector and ICT in Africa boost by such Technology Summits. Ghana’s digital economy and Africa’s Digital Economy have been much of the chatter on African news and policy about the telecommunications reforms in Ghana.
Blockchain-like security at a fraction of its cost creates a strategic advantage for financial institutions in Ghana and the African continent in looking at an easy-to-deploy, scalable solution to prevent tampering and enable instant verification of their electronic and printed documents. A proven QR code-based security solution utilises state-of-the-a cryptography and compression to make your documents easily verifiable by anyone - without exposing databases and one that works even without a network, with offline validation.
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QR Code-Based Security Delivers the Best of Both Worlds - Blockchain-Like Results and The Ease of Use of QR Codes>
At Standard Chartered Fintech Festival 2022, Qryptal will share thoughts on a simple, Secure QR-based solution, the simplest and easiest way to add QR codes to enable document security and ensure instant validation by third parties. This solution used across functions - Cheque Security, Account Statement, Human Resources, Trade Finance, Invoices and Operations – can dramatically reduce costs of implementation of secure technologies while delivering solutions that can accelerate adoption for the developing world
A secure QR code solution product would be
Significantly ower investment and lifetime ownership costs
Flexibility in physical vs digital and on-premise vs cloud implementation
Highly scalable - can be used for millions of documents that are generated
Easy validation both online and offline
Easy integration with existing document and validation systems
Security includes an encrypted private key, decrypted validation, no database or server exposure to an external entity, and works for both electronic and printed documents
Zero maintenance since there is no database requirement
Hence, using blockchain-like asymmetric encryption and signing capabilities, secure QR codes help achieve the security of blockchain solutions at a fraction of the cost. Qryptal’s secure codes technology has, in a way, combined QR Codes and blockchain benefits to enable secure, centralised “truth” generation with decentralised validation. Such a secure QR code solution allows for multiple use cases like cheques, ID cards, invoices, passports, school certificates, trade finance documents, and vaccination certificates, to name a few applications.
Secure QR code is a widely proven solution today. Secure QR Codes are used in over 27 countries across large enterprises, SMEs, and governments. They are used to secure invoices, purchase orders, bank statements, industrial test certificates, Covid-19 test reports, Vaccine certificates, university degrees, transcripts and many more documents.
All these use cases of Qryptal’s Secure QR code solution use PKI-based security equivalent to 3072-bit RSA, along with its multi-stage pipeline compression to generate a small QR code footprint which helps decentralised validation using just the public key. In addition, the technology uses standard cryptography and allows for quick, efficient, and effective verification. These features make it a compelling proposition and offer a unique advantage to making documents tamper-proof and easily verifiable.
As Ghana shapes its next phase of the financial technology landscape for the 21st century, Qryptal is happy to be a part of the revolution by architecting solutions with secure QR that provides Blockchain security at a fraction of its cost. This will help countries like Ghana and other developing countries reimagine document security and get the best of both worlds - Blockchains like results and the ease of use of QR codes.
About Vinod Vasnani
Vinod co-founded Qryptal (www.qryptal.com) in 2011.
Vinod started his career at Emerson Process Management in R&D. Subsequently, he became a Product Manager for its new market-leading control systems, Delta and led its rollout for the Asia Pacific. In late 1999, he joined Accellion as VP of Engineering, soon after it was founded. There he built and collaborated with a diverse team of engineers to deliver an innovative & market-leading, secure distributed file transfer used in over 2,000 enterprises globally today. He is also an Adjunct Associate Professor at the National University of Singapore’s Institute for Engineering Leadership, where he develops and teaches unique experiential modules for graduate students to groom future engineering leaders.
Vinod has a PhD and Bachelor of Electrical Engineering (1st Class Honours) from The National University of Singapore.
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