The blockchain is mostly considered a hosting platform for cryptocurrencies but in fact, blockchain offers much more flexibility to host different kinds of technologies and platforms. Its stand out feature remains to be its top-notch security that is highly valued in modern-day cyberspace, which itself is plagued by sophisticated data breaches.
Several new startups and tech companies are dangling their feet in blockchain technology with platforms like social media, crowdfunding, artistic marketplaces, and many others being launched using blockchain.
But although, there are multiple platforms to explore the functionality and scalability of blockchain all these efforts can create a greater problem. That problem is related to the innate anonymity of blockchain, once the user has registered onto a platform.
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KYC Verification for Blockchain
Blockchain might offer restricted access to a platform but the users remain mostly anonymous after registration. Even at the time of registration, the amount of credentials required is minimal. KYC verification is the most appropriate method to not only collect personal information about future users of a blockchain-based technology but to also ensure a community of verified users as well.
KYC for greater trust
KYC verification enables a blockchain-based product to earn legitimacy among its future users. It has been identified that users of a typical technology appreciate efforts to ensure smooth yet reliable customer onboarding measures.
So for technology like a blockchain where client credentials largely remain anonymous among users, a centralized and verified set of customer information will go a long way for an upcoming venture to earn the trust of its users.
Robust Verification processes
There was a time when KYC verification used to take hours, if not days. This created huge problems for customer onboarding and a bad enough user experience, even before a client started using a particular product or service. Now, the time has changed as KYC verification is being performed in real-time, thanks to Artificial Intelligence and super-fast computational networks.
Blockchain technology can benefit from this advanced technology to register customers that are an asset instead of a liability. So, no matter what kind of verification you tend to perform – facial, document, address or consent verification – there will be no lag time to hinder the customer registration process.
Global Coverage for Blockchain
Now there are several KYC verification and identity verification software available in the market that can perform online identity verifications on a global scale. Shufti Pro is one such AI-based identity verification SaaS product that can accurately validate official documents issued by every country in the world.
Not only can Shufti Pro match the exact patterns and check for security features of such identity documents but it also has Universal Language Support. This feature allows Shufti Pro to identify and verify credentials printed in every official language of the world.
This creates a large set of opportunities for businesses – especially those operating with the help of blockchain – to check the identity of a user with the help of official documents. The chances of registering customers conducting online identity thefts or users with fake credentials become impossible.
You may also read: Is it Legal to Purchase Cryptocurrency?
