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Although blockchain technology was initially conceived as a decentralized means for money transfer, lately it has become so much more. Business leaders are realizing every day just how huge blockchain tech’s potential is for the improvement of both product quality and customer experience.
Right now, we are seeing companies use the blockchain to facilitate the transfer of money, to attract funds, and to enable systems of voting and decentralized management (DAO). For these businesses, however, there was a question that remained for some time unsolved – customer identification.
Knowing who the client is, is of the utmost importance when dealing with money transfers, crowd sales (or ICOs) and voting procedures. Today the question is well on its way to being solved. A number of companies and institutions are developing highly-effective know-your-client (KYC) solutions.
The main concept of Gelios is to provide a platform for different kinds of services (KYC included), as well as different kinds of participants, involved in the lending process – lenders, borrowers, collectors, webmasters and KYC providers themselves.
This article is an overview of the best of the KYC solutions that we have seen to date.
Civic is one of the more popular KYC services on the market. Clients make an account and are validated using an aggregation of a number of identity validation services, which include government institutions and private financial institutions.
According to our research, Civic provides reliable verification of the identities of real individuals. A downside we see is that the service relies on a partner network. We fear that there are too many moving parts in the system.
We’re sure everything will be worked out soon. Civic expects to release a fully-functional version of their product at the end of 2018.
The team at Oz Forensics have released a KYC solution that verifies user identity using advanced machine learning technologies. The platform (Oz Photoexpert) is an AI interface, that streams a video of the client. Then, the client is asked to show his or her passport.
The system compares the appearance of the client in the video to the photo that is on the passport. Oz Forensics’ technology is able to tell if the video and the passport match. The idea is that the AI verifier can do exactly what would be done in real life, if the passport were to be verified by an employee at the bank or in some other physical location.
Cryptid is an interesting solution that provides three-factor identification. They have developed a platform that requires users to upload a photo and a fingerprint scan. For a non-governmental institution, the team is on to something quite innovative.
The team at HYPR goes a step further in using biometrics to help companies and institutions validate the personal credentials of their clients. Already, their services are trusted by some Fortune 500 companies, and by major credit card companies, banks and automakers.
The Open Identity Exchange
The OiX is a platform where KYC systems and corporations can exchange data. By aggregating this data it intends to make access easier for companies and the process more user-friendly for clients.
Estonia has developed a groundbreaking new system for online verification and digital business called e-residency. Individuals from all over the world can apply to become electronic residents of the northern European country. This gives them the right to open and a business in Estonia, to open bank accounts, to sign contracts, and to pay Estonian corporate taxes, all online, all over the world.
Individuals who are granted e-Residency must appear in Estonia or at any Estonian embassy or consulate to provide biometric data (a scan of the individual’s thumbprint). From then on, the e-resident can prove who they are to the Estonian government and to thousands of online services, from anywhere.
Similar programs are being explored in Singapore and in Zug, Switzerland. It seems that online verification may soon be taken as a responsibility by traditional government structures all over the world.
Since Gelios is a P2P cryptocurrency lending platform, proper identification and authorization of users is extremely important. It is for this reason that the Gelios team is devoting a lot of time and energy in order to figure out the best solution.
The Gelios team welcomes the input of the community regarding these KYC platforms, and would be happy to hear your feedback! You can contact us at [email protected]
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