European Central Bank Policymaker Says Stablecoins Not Cause for Alarm

12m
cointelegraph

Blockchance Cyber Parties

18m
cryptodaily

Price Analysis 19/07: BTC, ETH, XRP, LTC, BCH, BNB, EOS, BSV, TRX, XLM

30m
cointelegraph

Bitcoin (BTC) Is Up 6% Even As Sellers Eye $7,500

31m
cryptonewmedia

Behold the Latest Bitcoin Board Game, ‘Hodler of Last Resort’

32m
cryptonewmedia

Disgusted Bitcoin Trader Says Price Charts Mimic an Ugly ‘Penny Stock’

33m
cryptonewmedia

R3 Taps Software Sales Vet to ‘Evangelize’ Paid Version of Corda

37m
coindesk

Bitcoin Price Stuck in Tight Trading Range, BitMEX Responsible for...

1h
newsbtc

Bitcoin Maintains Price Rally But Outlook Remains Bearish Until It Climbs Above $10,950

1h
zycrypto

Oil Markets Could Save 30% With Blockchain, Data Gumbo CEO Says

1h
cointelegraph

Boeing Keeps Dow in Positive Territory as Stock Market Slides

1h
cryptonewmedia

Major Crypto Markets Report Mixed Signals, Gold Slightly Fell

1h
cointelegraph

German Central Bank President Shows Support For Libra, Calls It “Attractive” To Customers

1h
coingape

‘Samsung Coin’ Trademark Filing Unaffiliated With Samsung

1h
cointelegraph

Stock Market Investors Should HODL Because Pros Can’t Beat S&P 500

2h
cryptonewmedia

New No-Fee Visa Card for US Crypto Holders Offers Rebates From Big Brands

2h
dailyhodl

Buying Bitcoin (BTC) at $8,500 is Best, Says Analyst

2h
ethereumworldnews

Nouriel Roubini Accuses Bit MEX of “Systematic Illegality”

2h
livebitcoinnews

BitMEX Being Investigated by CFTC As ‘Dr Doom’ Gets Salty Over Hayes Debate

2h
cryptodaily

Coinbase Quietly Pulls the Plug on Its Cryptocurrency Bundle Product

2h
cryptoglobe

Apple’s Steve Wozniak Launches Blockchain Firm in Malta

2h
cryptonewmedia

Ripple (XRP) Poised For More Gains, Prices Rebound From Q1 Support

2h
cryptonewmedia

Top 5 ‘Dead’ Altcoins: NEM, BCC make the list

2h
cryptoticker

3 Battered Cryptos Are Flashing Bullish Signals

2h
cryptonewmedia

What the CFTC investigating BitMEX could mean for bitcoin and crypto market

2h
cryptoslate


Blockchain Technology Fixes the Loopholes of Centralized KYC Solutions

While several projects prefer to use centralized repositories to store data during Know Your Customer (KYC) procedures, these databases exhibit several limitations such as susceptibility to hacks and high cost of management, which can be mitigated by distributed ledger technology (DLT), reports TechRadar on May 14, 2019.

Per the report, several projects from times past till today have sought ways to build centralized KYC solutions that can manage customers’ data in the most efficient and safe manner while also minimizing identity theft.

In a bid to meet these demands, two models of KYC systems are often designed: the first is a silo model in which a central repository can be created and monetized by a company.

The second is a shared model owned by a group of companies who have come to the terms of an agreement that will be used to access data and exchange information.

However, there are certain limitations inherent in centralized models irrespective of the Financial Action Task Force (FATF) jurisdictions where they are employed. The ease at which these systems can be hacked has made them fail woefully in ensuring that customer data is as safe as possible.

Similarly, the unsecured nature of centralized KYC databases has led to declining confidence in banks. It has also given people the impression that financial institutions are not as trusted as they have paraded themselves to be.

It does not also come as a surprise that a number of companies are more concerned about the profit that can be generated through the sales of KYC data instead of prioritizing their level of security.

Asides from the unsecured nature of data in a centralized repository, certain issues like who owns data and who can profit from such data arises. The latter is yet to be decided by the court and it is believed the law may allow those who create data to be its legal owners.

Despite these risks, a better way out is with the use of the distributed ledger technology, an automatic and decentralized database which allows customers to own their identity.

As an immutable ledger whose content cannot be changed, it promises a highly secure KYC system over the use of centralized models thereby allowing millions of personal records to be stored in an efficient way.

Consequently, KYC3 and Peer Mountain have collaborated to design a Decentralized KYC (DKYC) that will enable customers to carry out their KYC once and then use it on different platforms instead of having to repeat the same processes over and over again.

In related news, BTCManager on  December 5, 2018, informed France-based companies are have tested R3‘s proof-of-concept blockchain solution for KYC

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments