KYC Blockchain Solution: Driving The Tech Innovation
As per the Universal Declaration of Human Rights, everyone has the right to get recognized as per the law. However, close to 1.8 billion people don’t have a legal identity. This deprives them of accessing shelter, justice, healthcare, education, and other government services.
The existing KYC systems are rife with inefficiencies. This is because the processes are costly, and background checks take forever to complete. As per studies, it can take upto 32 days to complete KYC checks.
Furthermore, large financial institutions spend close to $900 million and $1.3 billion per year on compliance-related ventures. This is because most people do not have a digital identity. Another drawback is identity theft, and millions of people become victims of it each year.
These alarming figures present the need for modernized identity management. At Prolitus, we help you develop blockchain KYC use-cases and venture beyond traditional domains. Our one-of-kind solutions will drive the game-changing revolution and make lives simpler.
We strongly believe that blockchain has the potential to transform the KYC paradigm and make it accessible to the population worldwide. Standing by this belief, we have harnessed the power of blockchain to develop solutions that simplify the monitoring and maintenance of digital identities, improve their efficiency make them user-friendly, secure and less vulnerable to fraud.
Benefits of Blockchain in KYC/AML Process
Distributed Data Collection
Blockchain in KYC brings data on decentralized networks that parties can access after due permission has been given. Besides, they offer top-notch data security and eliminate instances of unauthorized access.
Enhanced Operational Efficiency
When you know that the process is tamper-proof and conducted on a permissioned network, you can massively lower the effort and time needed in the early stages of KYC. This will reduce customer onboarding time and even reduce compliance and regulatory expenses.
Access to Real-time Data
All KYC transactions are shared within a distributed ledger. This lets other participants access real-time information and also get notified if there are any modifications.
Features of our KYC Blockchain Solution
Get Access To OCR (Optical Character Recognition)
The OCR technology lets us convert scanned paper documents uploaded by users into text that is readable by machines and then recorded on the blockchain and create a user’s digital identity.
All text information related to customers is stored on the Ethereum blockchain. The Ethereum address acts as a unique user identifier and makes it super easy to locate and share user data.
The IPFS (InterPlanetary File System) addresses the image files uploaded by users. The peer-to-peer file-sharing system will help you accelerate and simplify the end-to-end process and share user information.
Multiple unique digital signatures will enhance the security of your platform. This will allow the exchange of user data only when there is a request for information approved by an authorized person.
Get Attractive Incentives
When you share the verified information across financial institutions and get incentivized in turn, every share brings you and your customers an opportunity to earn incentives.
Seamless Wallet Integration
Multi-currency hot wallets let you conduct transactions and secure storage for incentive distribution and gas fee payments.
Why Choose Prolitus As KYC Blockchain Solution Partner?
When you join hands with Prolitus, you get to team up with technical experts and leverage the power of high-performance solutions.
- Best Tech Advice : Our experts have decades of experience in developing blockchain solutions and protocols.
- Top-Notch Customer Support : We understand that the real work starts after product delivery. Our services are something you must look forward to. So, all you need to do is focus on your business growth and let us focus on product development.
- Enthusiastic and Supportive Team : Our team of experts is enthusiastic and super supportive and will help you refine your product offerings, set up communities and campaigns, and use the best of tech approach.
- 100x Outcomes : We offer solutions and ensure that you get good ROI from investments.
- Accelerated Development : We deliver products that are suited to your target audience. Moreover, our roadmaps are flexible and comprehensive and help you expedite development and deployment.
Our blockchain KYC blockchain solutions will help you streamline operational onboarding processes, accelerate transactions, and achieve meaningful outcomes.
Frequently Asked Questions
How are blockchains used in KYC?
KYC Blockchain systems help institutions achieve transparency immutability and act as a seamless system for gaining secure and swift access to up-to-date user data.
Why is a blockchain a good option for KYC verification?
Blockchain technology lets participants create a distributed ledger and share information with all users on the network. For example, the financial services sector will help you expedite KYC verification and make the process reliable.
How can KYC blockchains benefit your business?
By helping you identify customers electronically, you can prevent scammers from conducting fraudulent transactions. This will help you combat money laundering, ensure investor funds, establish credibility, and avoid reputation.
Why should you use blockchain to simplify KYC and AML processes?
Building blockchain-based KYC/AML solutions can help you streamline data records and information storage. The data recorded on blockchain ledgers cannot be removed or altered and is always transparent to all members of the network.
How can blockchain automate KYC systematic review?
KYC blockchain solutions can drastically reduce cost and time overhead for client onboarding, and you will not need to repeat processes when registering a new organization. Moreover, the data is stored in encrypted form and does not allow unauthorized access.
Is there a use-case for blockchain in banking?
Blockchain can help banks settle transactions directly and track them better as compared to traditional methods. While standard bank transfers may take a few days to settle payments, these payments will be instantaneous.