Wed, 14 Nov 2018

KYC LEGAL Token Sale

KYC LEGAL Token Sale

Blockchain Identity Verification

Review Project

The promise of identification services was to create a more reliable and efficient way to verify our IDs while protecting our privacy. The hope was that the Internet would arrive with a transparent and streamlined KYC process.

In theory, a single technology would have secure access to our personal data and provide it on demand to services per our agreement. Instead of hundreds of verification processes, they would have one. Instead of days of waiting for approval, they would wait minutes. Instead of exposing our data to thousands of platforms for an indefinite period, they would keep it private and under control.

That didn’t happen. Instead, the identification ecosystem that has evolved over the last decade is full of middlemen, is complex in nature and has dubious processes. We lost our privacy, our data became target for hackers, we pay never-ending fees, and suffer slow speeds. Companies have spent billions on compliance while their experience hasn’t improved a bit.

Market Challenges

For users:

- Bad user experience.
Overall experience is currently pretty annoying. Imagine, you just registered on Poloniex. You are going through registration on Kraken. You are required to submit your information all over again, attach a photo of your ID and wait - sometimes minutes, sometimes days or weeks.

For service providers:

- High user verification costs.
User verification on average costs between $10 and $1500 per KYC13, depending on the service. It also takes up to 2+ days on average and at times amounts to 6 weeks in processing.

- Inauthentic user data.
Due to increase of fraud risk, services are forced to implement complex personal data verification algorithms. Nevertheless, in most cases they fail in creating a trustworthy verification process, which leads to:
- Violation of Terms of Use, often without any consequences, which causes a financial and other distresses to business and customers

For everyone:

- Data storage security and identification costs.
Every time we apply to join an exchange, to link our new wallet to a bank account,or to use a digital service, both parties are required to engage in the verification process over and over again, providing and requesting same data and as a matter of fact spending our efforts and time inefficiently. Storage of personal data in multiple databases is not cheap and increases risks of fraud, hacking and illegal distribution of user data.

Blockchain technology for personal identification

The diversity of middlemen and the lack of value-added to service providers and users make some sort of simplification of the present online ID verification system inevitable. The reality remains: user experience is valuable, but it hasn’t been properly improved with an efficient and transparent service.

According to Customer Due Diligence14 (CDD) Market Survey 2016 performed by Nice Actimize, Financial Services Organizations are facing an increased need to evaluate and enhance organizational CDD/KYC controls in order to address the new regulatory requirements. Top operational challenges related to current CDD/KYC are manual processes and data quality & availability, and the highest operational priorities related to CDD/KYC programs are to improve data quality, investment in new technology solutions and process automation.

Blockchain technology, utilizing a decentralized data ledger, is capable of addressing challenges of the CDD/KYC process. Decentralized data ledgers enable storage of any kind of data, including identity data. Let’s take the Ethereum verification process as an example. As we know, the verification process lies on the shoulders of miners, who check every transaction for validity before putting it in a block. As a result, transactions stay in the blockchain forever, and every user has a proof of its validity. At the same time, every transaction validity must be confirmed by several independent sources before it can be considered valid.

KYC.LEGAL solution

Self-identification, or self-verification of personal data: KYC.LEGAL allows user to verify provided data through a simple code generation process to confirm the validity of entry.

Verification through certified agents: many KYC verification cases require a third party - a certified agent - to prove a user’s identity. KYC.LEGAL addresses this problem by creating a global network of licensed verified agents (present in first 20 major megapolises by 2020) capable of providing verification on demand in under 30 minutes after your request, arriving wherever you are.

Technology

Ethereum has been used for mobile payment systems, distributed exchanges, tokens pegged to commodities and fiat currencies, market clearing mechanisms, micropayment systems for distributed computing resources, commodities and securities exchanges, crowdfunding, and legal document verification. Large firms have invested in and deployed Ethereum, with JP Morgan,Deloitte, IBM, Santander Bank, Microsoft, the Luxembourg Stock Exchange, and the Royal Bank of Scotland being key early adopters.

Token Sale

Crowdsale Opening Date

29-11-2017

350 days ago

Crowdsale Closing Date

01-02-2018

286 days ago

Allocations

Team

Written By

Isuk
0x237706bfE11D4C4E148b4764c8f7Da37743657d4