BLOCKCHAIN REVOLUTIONIZING IDENTITY VERIFICATION
BLOCKCHAIN REVOLUTIONIZING IDENTITY VERIFICATION
Current State of ID Verification
We are living in a digital age. All banking transactions, bill payments etc. are done with just one click. Identities are being created and managed digitally. Digital storage of the credentials came with a promise of more security but this type of sensitive data has become a soft target for hacking and theft. The identification system is fragmented and not streamlined against our expectations. To keep themselves safe from privacy intrusion, people are moving towards apps, online services and digital payment systems which require user ID verification. In 2000’s a unique identification process Know Your Consumer (KYC) was brought into existence and instantly became a hit with global businesses and organizations. This process has been made mandatory by all jurisdictions despite having certain flaws:
- Lot of branch visits and paper checks which is an unpleasant experience for users
There are no solutions to these problems but at the same time the issues can’t be ignored because of the importance KYC holds.
KYC.Legal disrupting the ID verification Industry
The digital identification market is vast and ever growing. Digital identification has become part of almost every industry ranging from banking to health care, online investing , legal services and many more. Small businesses to large organizations, all need to improve identification processes to provide digital security. KYC Legal has outlined a solution that creates a transparent and efficient blockchain based services for users.
According to KYC.legal, everyday 100,000 blockchain users filter through KYC verification. The use of Blockchain will make digital identities more secure and efficient. Since Blockchain is a transparent platform and information is stored cryptographically the frauds would be reduced. Bitcoin wallets and trading platforms are experiencing massive growth in their user bases.
Decentralized data ledgers store all type of identification data, which is verified by the miners, and every transaction is checked for validity before putting it in block. As a result, transaction remains in blockchain forever, and every user has a proof of its validity. Every transaction validity must be confirmed by several independent sources before it can be considered valid.
The advantages are:
- Decentralization makes it possible for every user to store data and it is automatically updated with every new entry.
- Transactions are transparent and every participant has access to complete information about every step of process.
- Since there is no third party and no automation, the verification process is not delayed.
Two types of services are given by KYC Legal
Self-Identification or self verification of Personal Data: The user himself can verify the given data through a simple code generation process to confirm the validity.
Verification through agents: KYC.Legal will be creating a global network of verified agents capable of providing verification on demand in under 30 minutes after the client requests, wherever the client requires this service.
There are some other additional services:
- Digital signature and document verification
- Third party service provision.
KYC.Legal has the following advantages:
- Since the KYC validation process is based on Blockchain technology, it is much faster and cheaper.
- Blockchain provides security and information integrity thereby removing possibility of fraud.
- There is a separate hash for each user, hence each user’s data is stored separately.
- After validating the data, KYC.Legal doesn’t hold any data. The data is on user’s device and there is no possibility of hacking.
The unit of exchange is KYC token. KYC Token are smart contract and ECR-20 compliant.
Token is for ID verification Referrals and user acquisition. KYC Token can be used in two ways:
- Passive Mode: Users after gaining ownership of the tokens can exchange them on crypto exchanges or transfer them between wallets.
- Active/Stack Mode: designed for existing and aspiring token holders. Token holders can create a stack through his/her secure profile on KYC.Legal platform and can store tokens there. Then user creates a referral link connected to stack which he/she can place on any social media to promote the stack. Inside the stack, revenue split can be defined between his/her and users to be verified through his/her referral.
Blockchain base can be accessed in three different ways:
- Direct appeal: Direct contact to a smart contract.
- Appeal through the server API: Services can communicate with system users via an API in order to verify their own users through KYC.
- Mobile Application: The mobile application exchanges data with the data base through API.
KYC.Legal is a transparent process and it promises to verify the data in 30 minutes. It is an open source software. Since the process is fully automated, there is no possibility of human error. The current state of ID verification is very compromising and has a huge scope of optimization, hence having a huge market potential. ID verification is a part of every business and every industry. Instead of hundred verification processes there would be just one, waiting time would be very less and the biggest advantage is that data will not be exposed on a public platform, instead it will be secure and under control. KYC token holders can also benefit additionally by the referral scheme policy. KYC.Legal guarantees more reliable and efficient services.
No. of tokens to be released: 35 million KYC
No. of tokens issued: 42 million KYC
KYC Token price: 1 USD
Accepted currencies: BTC, ETH, FIAT etc.
ICO Sale: 29th Nov 2017- 1st March 2018
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