TRACETO.IO : AN ADVANCED TRANSFORMATION TO KYC SERVICES VIA THE BLOCKCHAIN

ijsera (34)in #blockchain • 6 years ago (edited)

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INTRODUCTION

The Know Your Customer(KYC) processes in financial institution especially banks are still in there primitive stage when compared to other financial protocols. This results in the hampering of the war against money laundering and countering terrorism financing. It is overt that not only financial institutions struggle but also regulators are finding it difficult to cope with the trending technology which makes compliance with the Anti Money Laundering and Countering Terrorism Financing difficult.

The advent of the digital world and the boom of cryptocurrencies has in a way twisted the whole issue due to the fact that cryptocurrencies are designed to preserve the anonymity of transacting parties. traceto.io is focused on addressing the AMT and CTF problems in cryptocurrency platforms.

PROBLEM WITH KYC

E-KYC
A lot of financial institutions are not prepared to adopt e-KYC due to the additional diligence required to carry out non face-to-face on boarding on the customer. In the same manner, the supplementary procedures needed to be performed on the customers are not standardized and vary as well across jurisdictions.
Manual
Most of the KYC processes in use today are manually operated. The process which in other words maybe tedious for some customers results in a potential loss of revenue. The number of different personnel required to complete the manual process often makes KYC inefficient and prone to errors.
Analog
Analog KYC processe involves storing data on physical documents. This process incurs extra cost which comes from creation, preservation and destruction of the records.

SOLUTION: TRACETO BLOCKCHAIN

The different issues associated with KYC processes can be surmounted with the traceto blockchain. Traceto blockchain will address the problems KYC by

Creating a virtual KYC platform based on the decentralized ecosystem that complies with KYC related regulations. Traceto blockchain will leverage off its founders experience to preempt and satisfy upcoming regulations of the KYC standards in the cryptoworld which are still being developed.
Introducing a decentralized application (DApp) which is the User’s main interface to the traceto blockchain. The on boarding process begins by asking the user for some personal identifiable information which will allow for easy identification of the individual at any time
This DApp has features that serve the service
providers, corporate requestors and the
community in general.
Using artificial intelligence to develop and improve on various algorithms for different purposes. Some of these purposes include facial recognition and similarity, suspicious and fraudulent transaction monitoring, and reputation scoring. Sourcing these algorithms allows the community to audit and improve on the Ai tools involved in solving the KYC problems

TOKEN INFORMATION

Traceto network operates with a token whose value is implicitly linked to the growth and adoption of the

Traceto blockchain will operate with an ERC 20 wallet where the traceto token (T2T), a utility token, will be issued. The token will be charged from requesters T2T to obtain KYC services for their customers. Users will also be required to stake tokens which increases as the number of users increase.

The T2T token sale is in two phases:

Early Access Sale
Starts: 21st May 2018 08:15:00 (UTC)
End : 24th May 2018 08:14:59 (UTC)

General Public Token Sale
Start: 8th June 2018 08:15:00 (UTC)
End : 30th June 2018 23:59:59 (UTC)
Tokens allocated : 330,814,175 T2T (82.7%) out
of 400,000,000
To know more about the 5% early access bonus visit: https://platform.gbx.gi/grid

Note that unsold tokens will be burnt.