Blockchain enabled KYC solution

According to Article 6 of the Universal Declaration of Human Rights, “Everyone has the right to recognition everywhere as a person before the law.” However, around one-fifth of the world’s population (1.8 billion people) lives without a legal identity. This excludes them from modern society and deprives them of access to healthcare, education, shelter, justice, and other government services.

The existing KYC systems are inefficient; they involve a costly, drawn-out practice where specific documents are shown and some background check or verification takes place. According to research by Thomson Reuters, it takes 32 days to complete KYC checks. Furthermore, large financial institutions are routinely spending between $900 million and $1.3 billion per year on compliance-related ventures, because we do not have a digital identity. Another drawback is identity theft; millions become victims each year, last year the number was 15.4 million.

These alarming figures indicate the need for digital identity to modernize identity management. We believe blockchain can transform the KYC paradigm, making it better and accessible to all. We have harnessed blockchain to develop a KYC solution that simplifies creating, monitoring and maintaining digital identities, more efficient, user-friendly, secure and less vulnerable to fraud. Available as a white label solution, it can be customized to your business needs and launched under your brand name.