Blockchain possibilities for Know Your Customer system

Blockchain possibilities for Know Your Customer system

Compliance with KYC (Know Your Customer) requirements is the current issue of cryptocurrency industry and global financial market.

A lot of facilities are spent for clients’ identification, operations control and fraud protection. KYC rules compliance procedures require too much time and often lead to accounts freezing or failures of visiting payment system personal office.

What does blockchain do? It automates processes, decreases number of mistakes, eliminates operations duplication, establishes codified user actions updates, distributed throughout banks, and saves record history of documents that can be used as evidences of actions legitimacy.

BlockNotary project found a blockchain technology implementation method and business issues solutions. It established partnership with Pay-me system. BlockNotary facilitates merchant identification in PoS terminal systems. Identification is conducted by online interview. As a result, hash video is stored in the blockchain. It serves as an evidence of client intentions and proof of identity.

Cryptocurrency exchanges can use this method instead of passport scanning and personal data request. Staying within legislation, this system would simplify cooperation with banks.

BlockNotary offers to use the same system for P2P financing. Video shows the name, loan sum, purpose and period. This record eliminates some risks from P2P financing platform owner.

BlockNotary was founded by Igor Barinov in 2015. Since 2016, the project team has been taking part in Plug and Play mentoring program.

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