Home / Archive / South African Fintech Firm to Launch Blockchain-based Identity Verification in 2017
2 min read

South African Fintech Firm to Launch Blockchain-based Identity Verification in 2017

Last Updated March 4, 2021 4:53 PM
Rebecca Campbell
Last Updated March 4, 2021 4:53 PM

South African fintech company ThisIsMe (TIM), which focuses on identity verification, has announced that it will be adding blockchain technology to boost its services and is expected to go live in 2017.

More companies are turning their attention to bitcoin’s underlying distributed ledger, the blockchain, as they realize the potentials it can deliver.

Only recently, the major Spanish energy company Endesa revealed that it is planning on opening a blockchain laboratory in a bid to boost development of blockchain-based solutions for the energy industry.

It’s also being used in other areas such as the healthcare industry  and the real estate industry while Richard Branson believes that the blockchain technology could produce an ‘economic revolution’.

Now, though, in an attempt to provide better services to its true identity verification, KYC (know-your-customer), AML (anti-money laundering), and background checks features, TIM have decided to launch the blockchain technology, reports IT Online .

Earlier this year, the Norton Cybersecurity Insights Report revealed that 76 percent of South Africans believe that identity theft has increased while 67 percent think that because of the popularity of smartphones and the Internet it is now more difficult to control where their personal information goes to.

Surprisingly, while 78 percent know that they should actively protect their information, many find the idea of security an inconvenience. So-much-so, that rather than cancel a credit or debit card that has been stolen, 58 percent said they would rather cancel dinner plans with friends or family.

The issue of identity theft remains a big issue, costing South African companies from R1-billion and R2-billion each year, according to IT Online. Naturally, the implementation of the blockchain technology is a positive move, which will help to reduce fraud and identity issues in a secure way that can vouch for a person’s trusted participation in any given transaction.

Speaking to IT Online, TIM chief executive Mark Chirnside said:

While often associated with the virtual currency, bitcoin, blockchain technology is now being considered as an additional layer of security to ensure anonymity in order to protect yourself online, thereafter enabling your trusted ID to vouch for your participation in the transaction.

Featured image from Shutterstock.