STREAMLINING TEDIOUS KYC PROCESSES FOR BUSINESSES WHILST ALLOWING INDIVIDUALS TO CONTROL THE FATE OF THEIR OWN IDENTITY
PROBLEM TO SOLVE
Currently, we place an enormous amount of trust in centralised authorities to store and manage our identity. Such organisations entitle us to essential human rights such as financial services, citizenship/passport registration and business licenses. As with all centralised entities they are incredibly prone to hacking resulting from a single point of failure, all user data is stored in one single place. This has too often resulted in our identities being exploited for criminal purposes such as identity fraud, as seen in the Equifax hack where 143 million users identity were stolen from a central database.
Coupled with this inefficient management of sensitive data, the current process of completing mandatory KYC (Know Your Customer) processes for business is cumbersome, costly and repetitive. KYC ensures that client identities are fully assessed before any business relationships are formed to avoid the risk of illegal or fraudulent interactions. They span numerous jurisdictions and are therefore widely used by firms all over the world. Sharing sensitive identity data to numerous centralised databases has it proposed risks, but perhaps more poignant is how much time and energy is spent completing such a process repeatedly.
Such inadequacies with the current status quo have lead Selfkey (KEY) to provide an innovative solution. In essence, KEY aim to empower individuals and businesses to possess full control over their own identities by eradicating the need for unnecessary and unsecure centralised intermediaries. Their digital identity system based on the Ethereum Blockchain will allow users to upload all necessary documentation to ensure they are fully compliant to pursue any venture which needs identity verification, whether this is for commercial or personal purposes. By combining all necessary documents in one place on their desktop and mobile app, which only the user has access to via their individual public key, applying for financial services, passport/citizenship and business endeavours that need KYC compliance becomes simple. Thus, for businesses, KEY eliminates the mundane and costly repetition of KYC registrations and for individuals, KEY allows easy access to essential services and ultimately empowering people to own their identity without relying on other unreliable middlemen.
Once the platform goes live in Q4 2019, individuals and businesses will be able to purchase a variety of products and services via the Selfkey marketplace utilising the KEY Token, including but not limited to, bank accounts, residency, KYC licences and real estate. Additionally one will be able to manage their cryptocurrency assets, including the KEY token itself and any other ERC-20 tokens. Conversely, unlike many other cryptocurrency firms, KEY already has a working beta of their desktop wallet which looks incredibly professional and KEY also provide an online demo of different functions the desktop wallet will be able to achieve in the future. In a space which is often incredibly difficult to understand from the outside, this a refreshing approach that allows users to gain a deeper insight into how the platform will function in the future. After all, as with all technology, once Blockchain technology is integrated into our daily lives the end users are unlikely to be interested in how things operate in the backend as long as they serve their desired purpose.
Ultimately, Selfkey’s accumulation of necessary documents needed for typical business and personal interactions should reduce time and costs for both parties. KYC registration may be their killer application for businesses, whilst individuals ability to determine how to efficiently manage their own identity should gain further appeal. Still in its infancy, Selfkey has a bright future ahead of itself and if they live up to their roadmap they should become incredibly profitable for long-term investors. Be sure not to miss out!
- Proven Ability: Key team members behind Selfkey have already proved their ability to successfully manage a large-scale project from start-up to finish with their successful venture KYC Chain, a KYC solutions provider, that is already working with numerous blue-chip firms
- Firm Foundations: The interconnectivity between KYC Chain and Selfkey allows the business to focus solely on Blockchain development and user experience as the infrastructure and expertise in the business of KYC is already established
- Consumer Awareness: The major Equifax hack alongside the Cambridge Analytica Facebook scandal has lead to an increasing number of individuals becoming more aware of how their identity can be stolen or misused for illicit purposes, ensuring demand for having more control over one’s own identity
- Familiarity with KYC: Every time one wishes to participate in an ICO they have to go through the KYC process, this is a repetitive and long-winded process which many cryptocurrency users are familiar with and would certainly avoid if possible, creating more demand
- Serious Competition: There are other notable other firms trying to provide a digital identity solution using Blockchain technology such as Civic, which has been long established, although Selfkey’s clear advantage is the deep-rooted industry connections that KYC Chain has provided
- Slow Timeline: For a business that already has such firm industry foundations their timeline is not particularly fast, with continual developments throughout 2019, there will certainly be a race to become the market leader in the digital identity space, although it is also important that everything is completed to the highest of standards
- 30th September: Alpha launch of SelfKey Corporate Identity Wallet desktop app, Alpha launch of SelfKey mobile app and Partnership work with governments and utility providers
- 31st December: Beta launch of SelfKey desktop app
Selfkey is an innovative identity platform which aims to streamline the verification process for a variety of services by allowing both individuals and businesses to retain full ownership of their identity. KEY’s killer application is the ability to aggregate all information necessary for KYC processes in one place, whilst only allowing the user access to such information via their public key. This should save a considerable amount of time and expense for businesses all over the world who regularly must be KYC compliant before exchanging value with others.
Of course, this is merely one poignant application KEY offers, the platform will also provide individuals and businesses with access to financial services, citizenship, business licenses and health insurance, to name a few. It is likely the KYC validation market is where we will see KEY thrive first as a result of their successful parent company KYC Chain. Although, with such a wide-ranging market, opportunities for clients and growth are endless. For this reason, Selfkey is one not to miss out on and should be on your watchlist.