A Secure And Easy Solution To Digitize The KYC Paradigm.
According to Article 6 of the Universal Declaration of Human Rights, "Everyone has the right to recognition everywhere as a person before the law.” However, around one-fifth of the world's population (1.8 billion people) lives without a legal identity. This excludes them from modern society and deprives them of access to healthcare, education, shelter, justice, and other government services.
The existing KYC systems are inefficient; they involve a costly, drawn-out practice where specific documents are shown and some background check or verification takes place. According to research by a leading corporate brand, Thomson Reuters, it takes 32 days to complete KYC(blockchain kyc solution company in India) checks. Furthermore, large financial institutions are routinely spending between $900 million and $1.3 billion per year on compliance-related ventures. This is because we do not have a digital identity. Another drawback of the inexistence of a digital identity is identity theft. Millions of people become victims of identity theft each year; last year the number was 15.4 million.
These alarming figures indicate the need for digital identity to modernize identity management. We believe that blockchain can transform the KYC(blockchain kyc solution company in India) paradigm, making it better and accessible to all.
The OCR converts scanned paper documents (driving license, voter ID, passport, or any other ID proof) uploaded by users into machine-readable text which is then recorded on the blockchain(blockchain kyc solution company in India), creating a digital identity of a user.
Any text information related to a user is stored on the Ethereum blockchain(blockchain kyc solution company in India). The Ethereum address serves as a unique user identifier and makes it easy to locate, access and share user data.
The IPFS (InterPlanetary File System) address stores image files uploaded by users. An innovative peer-to-peer file-sharing system, it accelerates and simplifies the process to share user information across the globe.
Multiple unique digital signatures enhance the security paradigm of the platform, allowing the exchange(blockchain kyc solution company in India) of user data only when the request for information is approved by authorized signers (a user and platform owner).
Share the verified information of your users across financial(blockchain kyc solution company in India) institutions and companies seeking the same and get incentivized in turn. Every share brings you and your users an opportunity to earn huge incentives.
The multi-cryptocurrency hot wallet(blockchain kyc solution company in India) allows secure storage and smooth transactions for gas fees payments and incentive distribution.
A Blockchain Enabled KYC Solution is a secure, distributed ledger technology that enables organizations to securely store and share customer identity data. It provides a secure, immutable, and transparent platform for organizations to store and share customer identity data.
A Blockchain Enabled KYC Solution works by creating a distributed ledger of customer identity data that is shared across multiple organizations. This ledger is secured using cryptographic algorithms and is immutable, meaning that the data stored on it cannot be changed or tampered with.
The main benefits of using a Blockchain Enabled KYC Solution are increased security, improved efficiency, and cost savings. By using a distributed ledger, organizations can securely store and share customer identity data without the need for manual processes or third-party intermediaries. This reduces costs and improves efficiency. Additionally, the use of cryptographic algorithms ensures that the data stored on the ledger is secure and immutable.
A Blockchain Enabled KYC Solution can store a variety of customer identity data such as name, address, date of birth, phone number, email address, government-issued ID numbers, biometric data, and more.
A Blockchain Enabled KYC Solution is highly secure due to its use of cryptographic algorithms and distributed ledger technology. The data stored on the ledger is immutable, meaning that it cannot be changed or tampered with. Additionally, the use of cryptographic algorithms ensures that the data stored on the ledger is secure from unauthorized access or manipulation.
A Blockchain Enabled KYC Solution improves efficiency by eliminating manual processes and third-party intermediaries. By using a distributed ledger, organizations can securely store and share customer identity data without the need for manual processes or third-party intermediaries. Kyc solution providers reduces costs and improves efficiency.
A Blockchain Enabled KYC Solution reduces costs by eliminating manual processes and third-party intermediaries. By using a distributed ledger, organizations can securely store and share customer identity data without the need for manual processes or third-party intermediaries. This reduces costs and improves efficiency.
Organizations in any industry that require secure storage and sharing of customer identity data can benefit from using a Blockchain Enabled KYC Solution. Kyc automation solutions includes banks, financial institutions, healthcare providers, government agencies, retailers, e-commerce companies, and more.
The time required to implement a Blockchain Enabled KYC Solution depends on the complexity of the system being implemented and the resources available to the organization implementing it. Generally speaking, it can take anywhere from several weeks to several months to implement a fully functioning system.
Some best practices for implementing a Blockchain Enabled KYC Solution include ensuring that all stakeholders are involved in the process; developing clear policies and procedures; conducting regular security audits; ensuring compliance with applicable laws; and regularly testing the system for vulnerabilities or weaknesses.
Some common challenges associated with implementing a Blockchain Enabled KYC Solution include lack of technical expertise; lack of resources; lack of understanding of blockchain technology; difficulty in integrating existing systems; difficulty in obtaining regulatory approval; and difficulty in obtaining customer acceptance.
Some tips for successfully implementing a Blockchain Enabled KYC Solution include ensuring that all stakeholders are involved in the process; developing clear policies and procedures; conducting regular security audits; ensuring compliance with applicable laws; regularly testing the system for vulnerabilities or weaknesses; and providing adequate training to staff members who will be using the system.
Some potential risks associated with using a Blockchain Enabled KYC Solution include unauthorized access to customer identity data; malicious attacks on the system; errors in implementation or configuration; lack of regulatory compliance; and lack of customer acceptance or trust in the system.
Dunitech Soft Solutions Pvt Ltd can help with implementing a Blockchain Enabled KYC Solution by providing expert advice on best practices for implementation; providing technical support during implementation; providing training to staff members who will be using the system; conducting regular security audits; ensuring compliance with applicable laws; and providing ongoing support after implementation is complete.
In addition to helping with implementing a Blockchain Enabled KYC Solution, Dunitech Soft Solutions Pvt Ltd also offers services related to blockchain technology such as consulting services on blockchain strategy development; development of custom blockchain applications; integration of existing systems with blockchain technology; development of smart contracts; development of decentralized applications (DApps); and more.
+91 - 8896866210, 8858915711
