Every new and emerging technology follows a trail of predictable hype cycle. Right from its inception, molded with dramatized expectations, followed down the passage of disappointment leading towards the ascend of enlightenment; eventually reaching the juncture of productivity. Introduced into the mainstream consciousness as the new frontier of the tech landscape, Blockchain boasts the power to live up to its expanding hype with its revolutionary technology.
Blockchain, a distributed ledger technology, is basically a digitized database that cannot be tampered neither modified. With organizations from various industry verticals practically exploring its benefits and testing its limitations, the hype surrounding the same has introduced a dawn of hope amongst the masses. One company which has leveraged the potential of Blockchain Technology to allow users to manage their digital identity securely is KYC-Chain with its know-your-customer solutions.
Developed over Distributed Ledger technology, KYC-Chain provides consensus on identity of individuals and companies at the highest level of trust. It brings a whole new level of ease and simplicity to the entire process of onboarding new customers for businesses and financial institutions, while at the same time ensuring optimal compliance of regulatory standards.
A Brief Background
Headquartered in the nation known as the Pearl of the Orient, Hong Kong, KYC-Chain was established in 2013 to build identity technology by leveraging distributed ledgers and blockchain technology. On its 3rd generation platform, KYC-Chain was incepted and built with the collaboration of Standard Chartered Bank. The platform is used by multiple global financial participants, which strives to eradicate the pain involved with KYC (Know-Your-Customers).
Delivering Proof of Identity
The term identity, although an abstract concept, is most certainly a vital element for all sorts of interconnected entities. As KYC-Chain rightly points out, Identity is what brings trust to our social life. Thousands of years ago, an Ancient Greek aphorism, ‘know thyself,’ was inscribed at the Temple of Apollo at Delphi. Fast forward to today, KYC-Chain provides its clients with a new method to know oneself: Proof of Identity.
KYC-Chain implements this concept into its solutions, which aims to keep regulators’ satisfied with Smart verification procedures, all the while ensuring businesses to have a smooth and efficient KYC process. Most notably, the company provides its end users with the distinct ability to be the sole proprietor of their identity information.
A Serial Entrepreneur who strives to Solve Problems
Edmund Lowell, the Founder and CEO of KYC-Chain, is a passionate serial entrepreneur who strives to build technical solutions that would help solve problems for both businesses and consumers. His first company, a corporate registered office firm, originated while he was still a student at the Northeastern University in Boston and has grown into FlagTheory.com/incorporations.io. He chose Asia as the preferred location for his entrepreneurial hunger and has continued to build various RegTech products since then, one of which was KYC-Chain. It was the culmination of painful experiences for Edmund, his team and his clients with KYC checks that prompted him to start the company. Edmund is also the founder of the SelfKey Foundation, which powers an open source digital identity wallet and fintech marketplace
Key Differentiators that Separates the Company from its Contemporaries
Ensuring optimal efficiency and trust in identity: With KYC-Chain, Businesses and Financial Institutions have the capability to onboard new customers with more efficiency and enhanced trust in the data provided. KYC-Chain breaks past the admission barriers for new customers by providing secure mechanisms that effectively verifies digital identity of the concerned individual.
Secure, Compliant Data Sharing: KYC-Chain’s platform provides a secured environment for sharing verifiable identity claims, data, or documents. This satisfies the compliance requisites for KYC onboarding without compromising the privacy of the owners.
Proper Compliance: KYC-Chain is built by taking into account the actual legal framework regarding identity and customer data at a global scale. The company provides multiple mechanisms to aid institutions comply with regulatory norms, such as automatic smart checks on external data sources.
Optimal Transparency: The distributed ledger technology provides a reliable source of truth for identity and relevant events, which are also secured by a collection of cryptographic mechanisms to ensure that data isn’t tampered with. Thereby, it acts as a solid provenance for audits and regulatory checks.
Delivering Consensus on Identity
KYC-Chain boasts a rather interesting concept, one which has attracted the attention of various financial sectors. Financial services, globally, are facing the need for onboarding processes to be streamlined with user verifications being conducted on a daily basis. KYC-Chain understands the significant role of technology in this process, and uses biometrics, distributed ledger technology, coupled with other emerging technologies to provide acute consensus on identity. The company uses distributed ledger as the means of ensuring a certain level of transparency, all the while keeping a major chunk of the information private – away from the public.
KYC-Chain holds a distinctive advantage for compliance officers and front line sales to onboard retail customers, with its cost-effective and consistently interactive platform. In its safe consumer-centric encrypted environment, KYC-Chain ensures effective communication with other financial institutions. Unsurprisingly, owing to the need of innovation and efficiency, various banks across the globe have started using its platform.