{"id":3962,"date":"2019-11-21T11:20:47","date_gmt":"2019-11-21T11:20:47","guid":{"rendered":"https:\/\/www.antiersolutions.com\/?p=3962"},"modified":"2019-11-21T11:20:47","modified_gmt":"2019-11-21T11:20:47","slug":"blockchain-based-kyc-revolutionizing-the-digital-identity-system","status":"publish","type":"post","link":"https:\/\/www.antiersolutions.com\/blogs\/blockchain-based-kyc-revolutionizing-the-digital-identity-system\/","title":{"rendered":"Blockchain-based KYC: Revolutionizing the Digital Identity System","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p>The\nwave of digitization is disrupting the traditional identity systems.\nIt is affecting almost every aspect of human life. From purchasing\ntickets to the execution of financial transactions, we are witnessing\nthe digital revolution.\n<\/p>\n\n\n\n<p>One of the <strong><a href=\"https:\/\/www.antiersolutions.com\/\">FinTech blockchain solutions<\/a><\/strong> which is disrupting the digital identity ecosystem is blockchain-based KYC. Blockchain KYC solution offers truly secure and instantaneous verification of the identity. Blockchain is immutable, which means that once the data has been inserted into the blockchain, it cannot be forged, thus enabling access to tamper-free user information.  <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Problem\nStatement in Identity System<\/strong><\/h4>\n\n\n\n<p>Nowadays\ncybercrimes have become an alarming situation. Increased social media\nand financial services crimes have led to identity theft. According\nto a report published by the New York Times, in 2016, 1 billion Yahoo\nusers\u2019 accounts were hacked. Further in CNN reporting of 2016,\napproximately 117 million LinkedIn accounts were sold by hackers,\nleading to the hampering of professional networks. Additionally, the\ntheft of card details has become common.<\/p>\n\n\n\n<p>Another\nproblem is that the traditional KYC process is time-consuming. It\ntakes up to 32 days to complete a KYC check. Moreover, the cost\ninvolved in the conventional KYC process is also high.\n<\/p>\n\n\n\n<p>A\ndownfall has been witnessed in the traditional identity systems due\nto its shortcomings like vulnerability to attacks, ineffective\ncosting system and long waiting times. The traditional systems are\nnot able to provide a seamless transaction experience. Thus it has\nbecome imperative to deploy a modern and robust digital identity\nsystem to develop an accurate digital identity system of individuals,\nassets and companies.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Blockchain\nsolutions for KYC <\/strong>\n<\/h4>\n\n\n\n<p>Blockchain-based\nKYC solutions are regarded as an ideal alternative to the traditional\nKYC process, preventing individuals from doing repetitive and\nredundant work. Many institutions and companies are working towards\nkeeping a secure copy of all their KYC-compliant documents on a\nblockchain. Seamlessly, customers can update their personal data\nacross their accounts through their digital signatures. This would\nmean that customers need not get their documents updated with all\ntheir associated institutions.\n<\/p>\n\n\n\n<p>Furthermore,\nblockchain enables authentic recording of KYC documents of the users\nin a global network and continuous reconciliation of data is\nmaintained in the network.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>The\npillars of a robust digital identity system <\/strong>\n<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>\n<strong>Operationally\n\teffective:<\/strong> DLT\n\tsystem enables the transactions to complete conveniently and\n\teffectively.\n<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>\n<strong>Scalable:\n\t<\/strong>The transactions\n\tin the blockchain platform are scalable thereby meaning that can\n\tcarry a large volume of transactions. This platform also exhibits a\n\tconnection with a large number of users with their service\n\tproviders.\n<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>\n<strong>Economical:<\/strong>\n\tThis platform is cost and time-efficient. It reduces the need to\n\thave a physical space like structure to deal with the clients. The\n\ttransactions are not meant to be done face to face.\n<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>\n<strong>User\n\tcontrol and privacy:<\/strong>\n\tUsers have full control of their data. Users can decide with whom\n\tthey would like to share their personal data. It even allows users\n\tto decide where they want their data to be stored.\n<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>\n<strong>Security:<\/strong>\n\tThe data in the blocks is fully secured as it is immutable and\n\tcannot be stolen.\n<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>\n<strong>Viability:<\/strong>\n\tThe system is quite viable as it delivers value to all stakeholders.\n<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How\nit works<\/strong><\/h4>\n\n\n\n<p>Blockchain-based\nKYC solution limits the consumers to share their identities with only\ntrusted entities. DLT-based processing enables the use of the\ncryptographic principle. In this, every pair has a public key through\nwhich data is sent to the public address and through a private key\nthat data is decrypted and can read.\n<\/p>\n\n\n\n<p>For\ninstance, a customer gets his Know your customer (KYC)\/ identity\ndocuments uploaded in a DLT enabled financial institutions. So once\nthe documents are uploaded in the platform, the institution can share\nthe customer\u2019s data with other institutions only after receiving\nthe acquired permission from the customer. This system saves time and\ncost of all the parties and this can be even transported outside the\nboundaries of a territory. Therefore, it enables continuous\nmonitoring of fraudulent activities.\n<\/p>\n\n\n\n<p>The\nintegration of KYC and blockchain is one of the promising\napplications of decentralized technology.\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>The\nadoption<\/strong><\/h4>\n\n\n\n<p>Many organizations in developed countries have realized the benefits of FinTech blockchain solutions. They are excited about the integration of KYC with blockchain. It decreases the KYC administrative costs, thus making it more economical and reliable. At the same time, it increases the security, transparency and easy management of resources.  <\/p>\n\n\n\n<p>Even\nin developing countries, various research institutions and banks are\ntaking initiatives to experiment with DLT-based solutions for their\ntrade finance. To obtain the full benefits of this technology, there\nis a need to expand its scope and ensure interoperability and\nstandardization in the operations.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h4>\n\n\n\n<p>FinTech blockchain solutions are sure to revolutionize the current economic situations. Blockchain technology-based KYC system eases the concerns for both financial institutions and the customers. <\/p>\n\n\n\n<p>If you are also considering building blockchain-based KYC solution, Antier can help. As an experienced <strong><a href=\"https:\/\/www.antiersolutions.com\/\">FinTech Blockchain development company<\/a><\/strong>, we can provide you with a feature-rich blockchain KYC solution in line with your business needs, and fuel your business growth.  <\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>The wave of digitization is disrupting the traditional identity systems. It is<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":1,"featured_media":3963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[1600,1601,1603,1602,1596],"class_list":["post-3962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-blockchain-based-kyc","tag-blockchain-based-kyc-solution","tag-fintech-blockchain-development","tag-fintech-blockchain-development-company","tag-fintech-blockchain-solutions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Blockchain-based KYC: Revolutionizing the Digital Identity System - Antier Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.antiersolutions.com\/blogs\/blockchain-based-kyc-revolutionizing-the-digital-identity-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain-based KYC: Revolutionizing the Digital Identity System - Antier Solutions\" \/>\n<meta property=\"og:description\" content=\"The wave of digitization is disrupting the traditional identity systems. 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