Everyone has the right to be recognized as a person before the law everywhere," says Article 6 of the Universal Declaration of Human Rights. However, about a fifth of the world's population (1.8 billion people) does not have a legal identity. This keeps them out of contemporary society and prevents them from getting healthcare, education, housing, justice, and other government services.
Existing KYC systems are inefficient; they require a time-consuming and expensive procedure in which specific documents are given and a background check or verification is conducted.
Blockchain, we believe, has the ability to revolutionize the KYC paradigm and make it more accessible to all. It's available as a white label solution, which means it can be simply adjusted to meet your company's demands and released under your own brand. Blockchainappsdeveloper is a high-class blockchain development company with expertise in crafting innovative blockchain solutions for various business challenges. Blockchainappsdeveloper is a top-tier blockchain development firm that specializes in creating cutting-edge blockchain solutions for a variety of business problems.
Our KYC Blockchain Solution has the following features
The OCR converts scanned paper papers (driver's licenses, voter IDs, passports, and other kinds of identification) into machine-readable text, which is then stored on the blockchain and used to create a user's digital identity.
The Ethereum blockchain stores any text information on a user. The Ethereum address acts as unique user identification, making it simple to find, access, and exchange information about users.
Image files can be uploaded to the IPFS (InterPlanetary File System) site. It's an exclusive peer-to-peer file-sharing technology that makes the process of sharing user data throughout the world faster and easier.
Several separate digital signatures reinforce the platform's security paradigm, allowing the flow of user data only when the request for information is acknowledged by authorized signers (a user and platform owner).
You'll be compensated if you share your users' verified information with financial institutions and others asking for it. Each share increases your and your users' chances of winning large prizes.
For gas fee payments and incentive distribution, the multi-cryptocurrency hot wallet enables secure storage and smooth transactions.
Travel and Transportation
Casinos and Online Gaming
As banks and other organization began to support KYC and AML, they make their eng goal clear about checking the identity of the customer, before getting into business with them. AML is a actually a method, law or direction specially designed to control the criminal and illegal activities to make income. Organizations support to work with compliance and despite integrating technological advancement, they still have certain issues which needs a secure solution. The following are the requirements of KYC.
Blockchainappsdeveloper brings the latest technological solution through blockchain to solve new challenges of businesses. Despite the size of business and nature of challenge, blockchain has been the best solution for various problems. Similarly, by utilizing blockchain technology, there comes several advantages to KYC and AML. Here are the reasons why blockchain based solutions are required for KYC/AML.
Beyond cryptocurrency, blockchain technology has become more innovative and is currently being utilized to solve different use cases, transforming various areas and businesses. It exchanges any data and sensitive information online in an anchored and verified way. KYC and AML is one such use case.