KYC LEGAL Token Sale
KYC LEGAL Token Sale
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.
- Bad user experience.
For service providers:
- High user verification costs.
- Inauthentic user data.
- Data storage security and identification costs.
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.
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.
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.
|Crowdsale Opening Date||
480 days ago
|Crowdsale Closing Date||
416 days ago