Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

2025-05-19

XRP Price forecast – ‘Mixed signals’ Mean Altcoin will move like this!

2025-05-19

Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

2025-05-19
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

    2025-05-19

    Jesse Pollak explains how Pectra Upgrade will overload the basic network

    2025-05-19

    Ice Open Network welcomes Soonchain AI in its online+ ecosystem to stimulate web3 ai-game development

    2025-05-18

    Chainware and Karatdao work together to redefine security and identity in chains

    2025-05-18

    Declan Hannon about how Aurora Labs makes blockchain accessible to everyone

    2025-05-18
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Mastermind Behind Sec Sim -exchange schedule sentenced to 14 months in prison for manipulating Bitcoin price

    2025-05-18

    Capital One pays $ 425,000,000 to customers after they have reportedly cheated customers from a higher return on bank balance

    2025-05-18

    Myth or reality? Mica and its real impact on the market that dissolve common misconceptions

    2025-05-18

    Judge denies joint bid from Ripple and the SEC to end their long -term legal battle to end XRP

    2025-05-17

    A dozen new defendants who were sued in the alleged Rico -entry, connected to $ 263,000,000 crypto theft

    2025-05-17
  • Analysis

    Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

    2025-05-19

    XRP – Price is struggling to keep the ground – breakdown or breathing break?

    2025-05-19

    The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

    2025-05-18

    Analyst who mentioned XRP price mark at $ 0.5 says that the increase in this level is coming

    2025-05-17

    Michael Burry van Big Short abruptly sells one ‘recession-proof’ assets

    2025-05-17
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-09
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Blockchain»Blockchain technology helps enable reusable KYC solutions
Blockchain

Blockchain technology helps enable reusable KYC solutions

2024-05-25No Comments7 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Know-your-customer (KYC) solutions are becoming increasingly important for crypto companies, financial services providers and institutions.

Grand View Survey found it that the global size of the KYC software market in 2021 was estimated at $2.93 billion. This number is expected to grow at a compound annual growth rate (CAGR) of 20.8% over the next six years.

Grand View Research’s report further noted the growth of the KYC market, which can be attributed to the importance of compliance management and the rising number of identity-related frauds in financial institutions. The rise of deepfakes and artificial intelligence (AI) scams. also leads to greater adoption of KYC.

The problem with traditional KYC solutions

While KYC is an important requirementthe process is often a burden for both users and companies.

Riley Hughes, co-founder and CEO of digital identity startup Trinsic, told Cryptonews that users undergoing KYC are typically required to provide a photo of themselves along with an identification document.

As KYC becomes more common, Hughes points out that users will typically need to repeat this process several times.

“Someone will probably have to perform KYC about ten different times across multiple apps and platforms,” says Hughes. “But statistics show that asking users to authenticate themselves using a photo of a plastic ID card results in as much as 40% attrition.”

Vishal Kapoor, Chief Operating Officer of blockchain technology company Chia Network, further told Cryptonews that KYC is expensive to implement.

A recent one article from Betanews mentioned that KYC measures amount to 40% of all anti-money laundering (AML) compliance costs, which for banks totals $5.7 million per year.

Reusable KYC is gaining traction

Given these challenges, reusable KYC solutions are starting to gain ground.

“Reusable identification, or KYC, allows users to leverage previous verifications instead of having to re-verify themselves across different platforms,” Hughes said.

To put this into perspective, Hughes recently explained that Trinsic launched an ‘identity acceptance network’ that enables reusable KYC.

See also  NFTScan announces support for Scroll Network for Explorer and API Services following the launch of Mainnet

“Enterprises can now use Trinsic to verify 60,800,000 people ten times faster than identity verification from scratch, while also reducing fraud,” he said.

Today, Trinsic is launching the first identity adoption network in partnership with dozens of world-class identity providers, including @Clear, @getyoti, @enterIDVerse, @AirsideHQ an Entrust Company and @dentityme.

Companies can use Trinsic to authenticate 60,800,000 people 10x… pic.twitter.com/3Z3p3l0hRs

— Trinsic (@trinsic_id) May 21, 2024

Hughes explained that companies included CLEARLY – the technology company that performs biometric travel document verification at major airports – has partnered with Trinsic as part of its identity acceptance network.

“The goal behind this network is to get users KYC verified as quickly as possible to meet the enterprise risk threshold,” he said. “If users have already been verified by a company in the network, we will try to direct other companies in the network to that verification.”

For example, if a CLEAR user has CLEAR authentication, they can use it for other platforms within the identity acceptance network.

Blockchain for reusable KYC

While reusable KYC solutions can save users and businesses time and money, adding blockchain to the mix allows users to take ownership of their personal information and data.

For example, identity technology company Dentity is part of Trinsic’s identity acceptance network. Dentity CEO Jeffrey Schwartz told Cryptonews that the platform stores users’ login credentials on the Bitcoin blockchain.

“We store decentralized identifiers (DIDs) on-chain to verify the authenticity of issuers,” Schwartz said. “The only thing that should be on-chain is what is needed to verify a credential.”

Chia Network does this too. According to Kapoor, Chia’s verifiable credentials (VCs) enable a KYC provider to perform KYC by issuing a verifiable credential token on-chain.

“This allows service providers, such as Dapps, to verify that a user has undergone KYC verification with a trusted KYC provider – without the user having to reveal any personal information,” he said.

See also  TONS of blockchain data is now live on Dune Analytics

Kapoor explained that people are looking for better protection of their personal information as identity fraud increases. Panda security statistics show that more than 10 billion personal data have been exposed worldwide as a result of data breaches since March 2020.

“Using on-chain VCs and DIDs allows the individual to keep their own VC and decide who it can or should be shared with, without risk of oversharing or data exposure,” Kapoor said. “This also reduces external points of contact with their sensitive personal information.”

Blockchain protects user data

While it is notable that reusable KYC is gaining popularity, some concerns remain. A recent Reuters for example article pointed out that criminals can still quickly abuse automated KYC checks, putting a user’s information at risk.

Store data in the chain tries to solve this problem. For example Deloitte Switzerland started issuing reusable KYC credentials last year to enable access to global digital asset fundraising. Polimec, a decentralized finance protocol developed on Polkadot, has partnered with Deloitte Switzerland to enable this feature.

.@DeloitteCH-powered, @Web3foundation-sponsored, @Kiltprotocol-credentialed. Ready to be used on @PolimecProtocol https://t.co/LK3Jw31bDQ

— Fabi (@FabianGompf) April 29, 2024

Luca von Wyttenbach, the co-founder of Polimec, told Cryptonews that a KYC credential allows users to establish a digital self-sovereign identity by validating their data once they have Deloitte.

“Once Deloitte issues a KYC credential, which is held under a user’s control, they can use it with various online services, the first of which is Polimec,” said Wyttenbach.

He added that the website or service provider can rely on the shared data as it has been approved and certified by Deloitte.

“This means users only have to share the minimum necessary data about themselves,” he noted.

Wyttenbach further explained that Deloitte’s KYC credentials are anchored in the KILT protocol. He noted that Deloitte conducts customer KYC and is the only party that receives and stores that data. The data is then created into a KYC credential, which is hashed and stored in the user’s Deloitte wallet.

See also  With the help of AI, Jackson Pollock's art is finding new life on the Blockchain

“The hash is anchored to KILT, meaning no personal information is stored on-chain. Users can verify their data against the hash by presenting their login details,” said Wyttenbach. “In short, the login credentials are pseudonymous – therefore all transactions and network participants on Polimec can be processed in a secure, regulatory compliant manner while maintaining data privacy.”

Challenges can hinder adoption

Although reusable KYC solutions on the blockchain are currently being used, there are still challenges.

For example, Julian Leitloff, co-founder of decentralized identity platform idOS Network, told Cryptonews that encouraging widespread adoption of reusable KYC solutions among users and service providers is a major hurdle.

Echoing this, Schwartz noted that Trinsic’s Identity Acceptance Network requires collaboration.

“The idea behind this is that we all share user data,” he said. “I hope this collaboration will allow us to achieve that, but interoperability is key here.”

Hughes is aware of this challenge. He said Trinsic’s Identity Acceptance Network currently covers more than 60 million users, but he still believes the platform needs to move forward aggressively.

“Everyone in the EU will soon have access to a digital identity wallet,” Hughes said. “We will have to implement the same standards in the future.”

Additionally, Leitloff pointed out that another major challenge around reusable KYC includes ensuring privacy and data security.

“Because user data must remain private and secure even when shared across multiple platforms,” he said.

To address these challenges, Leitloff explained that idOS implements advanced encryption techniques such as Zero knowledge certificates (ZKP) And Secure Multi-Party Computation (MPC) to protect user data.

“Promoting the use of standardized identity formats such as W3C Verifiable Credentials ensures consistency and interoperability,” he said. “Using decentralized storage networks will also enable data availability and reduce the risk of centralized points of failure.”



Source link

Blockchain enable helps KYC reusable solutions Technology
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

2025-05-19

Jesse Pollak explains how Pectra Upgrade will overload the basic network

2025-05-19

Ice Open Network welcomes Soonchain AI in its online+ ecosystem to stimulate web3 ai-game development

2025-05-18

Chainware and Karatdao work together to redefine security and identity in chains

2025-05-18
Add A Comment

Comments are closed.

Top Posts

A new business roadmap that pours profits into BTC

2024-05-06

Bitcoin-langetery holders officially enter the greed area, is this good or bad for the price?

2025-01-25

US DOJ Steps Up Crypto Investigation: Targets Crypto Exchanges, DeFi Hackers

2023-05-15
Editors Picks

BNB Price Remains Above Support: Is a Bullish Comeback on the Horizon?

2024-07-11

Bitcoin Price Prediction – Charting BTC’s Potential Recovery from $62K to $71K

2024-04-29

deBridge launches IaaS solution for cross-chain communication between Ethereum and Solana

2023-11-04

AAVE up 28% in 7 days, here’s why

2023-06-26

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

XRP Price forecast – ‘Mixed signals’ Mean Altcoin will move like this!

Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$103,037.96-0.77%
  • ethereumEthereum(ETH)$2,403.97-3.93%
  • tetherTether USDt(USDT)$1.000.03%
  • rippleXRP(XRP)$2.31-3.30%
  • binancecoinBNB(BNB)$640.21-0.80%
  • solanaSolana(SOL)$161.30-5.60%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.217086-2.31%
  • cardanoCardano(ADA)$0.72-4.53%
  • tronTRON(TRX)$0.262543-3.50%
  • suiSui(SUI)$3.66-4.29%
  • chainlinkChainlink(LINK)$15.21-2.98%
  • avalanche-2Avalanche(AVAX)$21.65-5.82%
  • stellarStellar(XLM)$0.280297-3.40%
  • hyperliquidHyperliquid(HYPE)$25.39-4.49%
  • shiba-inuShiba Inu(SHIB)$0.000014-4.11%
  • unus-sed-leoUNUS SED LEO(LEO)$8.62-0.98%
  • hedera-hashgraphHedera(HBAR)$0.187123-3.52%
  • bitcoin-cashBitcoin Cash(BCH)$383.04-4.15%
  • the-open-networkToncoin(TON)$2.98-3.67%
  • litecoinLitecoin(LTC)$95.39-3.00%
  • polkadotPolkadot(DOT)$4.50-5.22%
  • moneroMonero(XMR)$345.541.69%
  • bitget-tokenBitget Token(BGB)$5.16-1.56%
  • daiDai(DAI)$1.00-0.01%
  • pepePepe(PEPE)$0.000013-3.73%
  • piPi(PI)$0.72-2.44%
  • ethena-usdeEthena USDe(USDE)$1.00-0.02%
  • uniswapUniswap(UNI)$5.74-2.96%
  • bittensorBittensor(TAO)$392.93-7.02%
  • aaveAave(AAVE)$220.95-1.84%
  • nearNEAR Protocol(NEAR)$2.68-3.07%
  • aptosAptos(APT)$4.98-4.01%
  • okbOKB(OKB)$51.96-2.24%
  • ondo-financeOndo(ONDO)$0.89-4.48%
  • kaspaKaspa(KAS)$0.104520-5.96%
  • ethereum-classicEthereum Classic(ETC)$17.74-3.74%
  • internet-computerInternet Computer(ICP)$5.05-3.80%
  • gatechain-tokenGateToken(GT)$21.36-0.93%
  • crypto-com-chainCronos(CRO)$0.094247-4.71%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.47-3.75%
  • mantleMantle(MNT)$0.73-1.08%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.231046-2.74%
  • vechainVeChain(VET)$0.027156-4.41%
  • render-tokenRender(RENDER)$4.40-5.35%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • ethenaEthena(ENA)$0.351029-6.71%
  • filecoinFilecoin(FIL)$2.78-3.36%
  • algorandAlgorand(ALGO)$0.213850-3.85%
  • cosmosCosmos(ATOM)$4.64-3.21%
  • bitcoinBitcoin(BTC)$103,037.96-0.77%
  • ethereumEthereum(ETH)$2,403.97-3.93%
  • tetherTether USDt(USDT)$1.000.03%
  • rippleXRP(XRP)$2.31-3.30%
  • binancecoinBNB(BNB)$640.21-0.80%
  • solanaSolana(SOL)$161.30-5.60%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.217086-2.31%
  • cardanoCardano(ADA)$0.72-4.53%
  • tronTRON(TRX)$0.262543-3.50%
  • suiSui(SUI)$3.66-4.29%
  • chainlinkChainlink(LINK)$15.21-2.98%
  • avalanche-2Avalanche(AVAX)$21.65-5.82%
  • stellarStellar(XLM)$0.280297-3.40%
  • hyperliquidHyperliquid(HYPE)$25.39-4.49%
  • shiba-inuShiba Inu(SHIB)$0.000014-4.11%
  • unus-sed-leoUNUS SED LEO(LEO)$8.62-0.98%
  • hedera-hashgraphHedera(HBAR)$0.187123-3.52%
  • bitcoin-cashBitcoin Cash(BCH)$383.04-4.15%
  • the-open-networkToncoin(TON)$2.98-3.67%
  • litecoinLitecoin(LTC)$95.39-3.00%
  • polkadotPolkadot(DOT)$4.50-5.22%
  • moneroMonero(XMR)$345.541.69%
  • bitget-tokenBitget Token(BGB)$5.16-1.56%
  • daiDai(DAI)$1.00-0.01%
  • pepePepe(PEPE)$0.000013-3.73%
  • piPi(PI)$0.72-2.44%
  • ethena-usdeEthena USDe(USDE)$1.00-0.02%
  • uniswapUniswap(UNI)$5.74-2.96%
  • bittensorBittensor(TAO)$392.93-7.02%
  • aaveAave(AAVE)$220.95-1.84%
  • nearNEAR Protocol(NEAR)$2.68-3.07%
  • aptosAptos(APT)$4.98-4.01%
  • okbOKB(OKB)$51.96-2.24%
  • ondo-financeOndo(ONDO)$0.89-4.48%
  • kaspaKaspa(KAS)$0.104520-5.96%
  • ethereum-classicEthereum Classic(ETC)$17.74-3.74%
  • internet-computerInternet Computer(ICP)$5.05-3.80%
  • gatechain-tokenGateToken(GT)$21.36-0.93%
  • crypto-com-chainCronos(CRO)$0.094247-4.71%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.47-3.75%
  • mantleMantle(MNT)$0.73-1.08%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.231046-2.74%
  • vechainVeChain(VET)$0.027156-4.41%
  • render-tokenRender(RENDER)$4.40-5.35%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • ethenaEthena(ENA)$0.351029-6.71%
  • filecoinFilecoin(FIL)$2.78-3.36%
  • algorandAlgorand(ALGO)$0.213850-3.85%
  • cosmosCosmos(ATOM)$4.64-3.21%