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Identity, KYC services powered by NFT blockchain technology

Sep 18, 2021
4.87 (510 votes)

Identity, KYC services powered by NFT blockchain technology. With ID, no one will need to go through laborious KYC attempts.

Identity

Identity, KYC and login to any partners/products with ease.

The Identity Verification Market is expected to grow at a CAGR of 13.1% over the forecast period 2021 to 2026.

With increasing online services, combined with smartphone penetration, verifying identities digitally are becoming crucial for both businesses and governments. The
regulatory authorities are increasingly becoming stringent toward KYC and AML compliance among businesses, to control financial crime.

Find out in the decentralized finance news, identity verification, KYC will be more and more present, how to simplify it?

Identity, its benefits:

For users: digital identity to access many online products, without having to perform KYC on each platform separately. The KYC is updated only once every 6 months. Login in features for seamless access to all favorite products.

More details:

After completing a one-time KYC on our platform, you will receive a unique ID token that will act as an electronic identity card on other authorized platforms and exchanges. In case of successful verification, 1 user receives 1 ID token.

The verification result is recorded on the NFT blockchain.
In order to be able to pass verification on IDTT, the user needs to buy 1 IDTT token to pass 1 verification at a price of $1, receive a record in the blockchain and issue him 1 token ID. In this case, the costs of passing the verification are passed on to the user and companies will not spend time and money to quickly access their services, just as users will not expect successful verification.

In case of successful verification, the company credits him with 1 IDTT to his balance and the client is given the right to purchase up to 1,000 additional IDTTs to attract other users at a price of $ 0.5. If a client is attracted using his IDTT, he has the right to accrue the same amount of IDTT in case of successful verification of the clients he
referred

For businesses: no need to pay for multiple KYC attempts, ability to charge the cost of KYC to the customer, no costly integration or storage of customers’ personal data, no GDPR risks. Customer personal data, no GDPR risks, login button for easy access.

More details:

Companies can connect to our service to quickly authorize users by buying out 10.000 IDTTs with the obligation to distribute them within the first 12 months.

Identity, bank-grade compliance environment, flexible verification and risk-based approac

Cost-saving technology

Clients spend up to x8 times less on identity verification reducing customers acquisition cost
and increasing conversion with flexible number of services

Full cycle with flexible terms

Potentially all-in-one AML/ KYC and KYB ecosystem for compliance officers andcapabilities to choose the required services

Unique databases

Global coverage of proprietary databases of fake documents, blacklists, document validation databases and their constant manual enrichment

Compliance

The risk-based approach and product that grants to meet highest KYC/AML, KYB standards

Fast & Easy integration

Elegant solutions to enable robust, scalable, and flexible integrations through API, pre-set forms or KYCaid web redirection

Problem to solve:

Every user of online crypto and financial services conducts at least one verification per month on different platforms, this results in following issues:

For user:

  • Regular KYC checks and painful waiting
  • Different KYC requirements
  • Decentralized KYC services with no info sharing
  • In some cases to long waiting or permanent declines without any reason and feedbacks
  • Not clear decline reasons and not existing clients support
  • Risk of identity theft

For the plateform:

  • Large cost of internal compliance department
  • Paying for declined verifications
  • Numerous verification tries for each client
  • Time to process KYC request can vary depending on many factors
  • Strict data storage requirements that lead to high cost of infrastructure and development
  • GDPR and other rules and regulations

The verification as a service market is expected to grow at a CAGR of 2% through 2022, with the main contributors being digital transaction verification in financial services, gaming, and the sharing economy. digital in financial services, gaming, and the sharing economy

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