Traditional Models

The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party.

- Satoshi Nakamoto, Bitcoin Whitepaper

Traditional banking systems work by holding data about each of the bank’s account holders on secure systems managed and maintained by the bank. These systems are used as a means to tie an account or source of funds to an individual or business with the bank acting as a trusted guardian of the information.

While the systems are designed for exclusive use of the bank or institution who keeps the details, these identity systems are frequently built using legacy frameworks that have been adapted to on-line requirements which has led to many instances of customer data being accessed and used maliciously to perpetrate theft and fraud against bank account holders.

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