KYC Solution Powered by Blockchain

“Everyone has the right to be recognized as a person before the law,” says Article 6 of the Universal Declaration of Human Rights. However, almost one-fifth of the world’s population (1.8 billion people) lacks a legal identity. This keeps them out of contemporary society, denying them access to healthcare, education, shelter, and justice, among other things.

Existing KYC systems are inefficient; they include a time-consuming, costly procedure in which particular documents are presented and a background check or verification is performed. It takes 32 days to complete KYC checks, according to data by Thomson Reuters, a renowned corporate brand. In addition, large financial institutions spend between $900 million and $1.3 billion every year on compliance-related activities. This is due to the fact that we lack a digital identity. Identity theft is another disadvantage of not having a digital identity. Every year, millions of people become victims of identity theft; the number was 15.4 million last year.

These worrying statistics highlight the importance of digital identification in modernizing identity management. We believe that blockchain has the potential to improve the KYC paradigm and make it more accessible to everyone. As a result, we’ve taken use of blockchain’s potential to create a blockchain-enabled KYC solution that makes it easier to create, monitor, and preserve digital identities while also making them more efficient, user-friendly, safe, and less vulnerable to fraud. It’s available as a white label solution, which means it can be simply modified to meet your company’s demands and released under your own brand. Make the most of our turnkey KYC solution to propel game-changing RegTech innovation.