Open Secure

Inspiration | OpenSecure was inspired by the lack of trust in digital banks among Singaporeans, as highlighted in a CNA article. Many people are hesitant to transact behind a digital faceless wall. Additionally, Panda Bank CEO discussed that many lack trust in digital banks' services which ultimately limits their customer reach. However, as digital banks become increasingly popular, fraudulent companies have also risen in tandem. To stay ahead, digital banks need to provide solutions to increase trust among customers without face-to-face interactions.

Goals | The goal of OpenSecure is to create an environment that promotes trust and security in digital banks, despite interactions taking place behind a screen. Additionally, the project aims to put digital banks on par with traditional banks in terms of trust and authenticity.

What it does | OpenSecure addresses consumer doubts by providing a process that allows various banks to issue documents that can be verified as authentic. Using blockchain technology, the project integrates hashes within bank documents, allowing users to verify these documents on the Ethereum Blockchain with Tradetrust.io, thereby increasing trust in digital financial institutions.

Challenges faced | While deploying and issuing contracts from the blockchain, OpenSecure faced challenges where transactions were not mined and were stuck in limbo. This caused trailing documents to be stuck as well. To overcome this, the team had to clear the nonce to enable documents to be issued.

What's next for the project | The team plans to build a similar system, such as OpenAttestation, to allow for direct interaction with the blockchain, thus making it more flexible for integrating banks internationally. We aim to onboard both local and international banks to use the system, thereby providing a better verification and trust system worldwide. Ultimately, the goal is to increase trust in digital banks and establish Panda Bank as a recognized institution worldwide.