Kapitalise secures R&D tax credits, leveraging blockchain for transparent and efficient KYC processes in financial services.

Project Description

Kapitalise specializes in unlocking R&D tax credits to fuel innovation, offering expertise in expenditure identification and maximizing R&D claims. They play a crucial role in shaping the operational delivery of R&D tax relief through participation in the Research & Development Consultative Committee. Kapitalise also coordinates 'WATSON,' a pivotal EU-wide study on R&D tax incentives. The project employs a blockchain-based infrastructure to secure and streamline KYC data processes, aimed at enhancing client convenience and regulatory adherence. With user-friendly interfaces and a smooth approval workflow, the system facilitates swift KYC verification by integrating with various banks. This holistic approach not only saves users time but also boosts the operational efficiency of financial institutions.

Scope of Work

The project aimed to address Kapitalise's challenge of maintaining secure, transparent, and efficient KYC processes for R&D tax credit optimization. The need was to build a blockchain-based infrastructure that would ensure data security and integrity while providing a seamless user experience. By focusing on regulatory compliance and operational efficiency, the project sought to find solutions that would significantly reduce the time needed for KYC verification and document sharing in financial institutions. Kapitalise's mission was to leverage cutting-edge technology to enhance their financial services' reliability and regulatory adherence, thus improving the overall client experience.

Our Solution

The project involved the implementation of a blockchain infrastructure for secure KYC data management. Features included secure user registration and login via email or WalletConnect, distinct interfaces for admin, customers, and banks, and a document management system with IPFS integration for secure storage. A blockchain mechanism was developed to store document hashes, ensuring transparency and easy verification. Smart contracts were developed and optimized for efficient blockchain interactions. Additionally, a robust backend was established for document management, IPFS interactions, and smooth data retrieval for the frontend, ultimately enhancing security and streamline processing.

Key Features

• Feature Title: Implemented secure user authentication via email/password and WalletConnect, ensuring access control and data protection for all users.

• Feature Title: Developed a decentralized KYC verification process utilizing blockchain technology to ensure data integrity and quick verification.

• Feature Title: Integrated IPFS for decentralized document storage, ensuring secure storage and easy retrieval of KYC documents across platforms.

• Feature Title: Designed and optimized smart contracts for efficient blockchain transactions, improving transparency and workflow automation.