Blockchain Solutions For KYC/AML | BlockchainAppsDeveloper

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KYC Blockchain Software Solution

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.

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Features of our KYC Blockchain Solution

Our KYC Blockchain Solution has the following features

OCR (Optical Character Recognition)

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.

Ethereum-Based Address

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.

Address of IPFS

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.

Digital Signatures

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).

Get Incentivized

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.

Integration of Wallets

For gas fee payments and incentive distribution, the multi-cryptocurrency hot wallet enables secure storage and smooth transactions.

Challenges of KYC/AML

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.

Collection and analysis of customer’s basic identity information
Reduce the time in verifying customers information
Matching names against lists of familiar or known parties
Identify and Determine customer's potential risk
The need to provide various information and documents will consume more time and money of customers
Let KYC/AML registry used by inter-banks
Creation of an expectation about a customer's transactional behavior
Proper Track to Monitor a customer's transactions
Reduce expenses of KYC/AML process

Why Blockchain Solution For KYC / AML ?

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.

Blockchain lets the user to get instant and direct access to relevant information, eliminating the existing multi-step AML/KYC processes.
Enables rapid process and simplified access to information, eventually cut down cost and on-boarding process, thereby increasing customer retention.
Time used in traditional KYC process and billions of dollar spent to streamline the process can be saved
Blockchain Streamlines the processes, hence registration and maintenance of KYC/AML is no longer a long and complex journey.
It is immutable technology, therefore the information cannot be altered or modified, ensuring that it is secure.
Customers need not provide lots of information and enormous documents for verification, and they needn’t wait a long time for result again and again.

Blockchain Application For KYC and 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.

Blockchain becomes inconceivably secure and perfect approach to store individual information which is utilized for KYC and AML consistency. It becomes a reliable method to store data in a transparent and secured ecosystem.
When Blockchain is utilized for KYC and AML Compliance, a customer or client can become a block in the network by entering majority of their own data that is required for KYC and AML compliance. As the customer enter data, the information will be encoded and stored on the blockchain network. The individual will get a unique password or private key, which must be protected by the customer to view the data.
As a whole, blockchain brings more advantage to banks, businesses and customers too, with less complication while saving tons of time and millions of money spent on it.

Blockchain Powered KYC Software Solution

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