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March 12, 2018, 01:49:45 AM |
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Value Proposition: We propose KYCLEGAL as a service that allows services to verify users and prevent fraud Based on blockchain technology as a tool to protect and validate personal data for internet users, KYO LEGAL provides Users: Painless and fast verification process, protection of personal information through en cryption and biometric data, data hosting on users device, control over provided data, digital signature for document verification. Service providers/ token holders: KYC compliance. reliable and secure user information, fraud prevention, ecosystem to interact with customers. On top of that, KYC token is infused with a set of features that, if desired, allows KYCtoken hold ers for additional revenue streams creation. Introduction: The promise of identification services was to create a more reliable and efficient way to verify our Ds while protecting our privacy The hope was that the Internet would arrive with a transpar ent and stream KYC process. In theory a single technology would have secure access to our personal data and provide it demand to services per our agreement Instead of hundreds ofverification processes, we would have one Instead of days of waiting for approval, we would wait minutes Instead of exposing our data to thousands of platforms for an indefinite period, we would keep it private and under control That didnt happen. Instead, the identification ecosystem that has evolved over the last decade is full of middlemen, is complex in nature and has dubious processes, We lost our privacy, our data became target for hackers, we pay never-ending fees, and suffer slow speeds. Companies have spent billions on compliance while their experience hasn't improved a bit. This paper will review the current state of ID verification tech focusing on KYC process. It will outline a new solution that creates a transparent and efficient Blockchain-based service for users and service providers
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