TRACETO.IO: KYC Process Made easier With The Help Of Blockchain and AI
Know your customers is the basic mantra for every business yet many companies fail to collect basic and accurate information about their customers. Thus the process of knowing the customer becomes a formality which leads to degradation in the product value and ultimately reduced sales of the product in the market. It is a necessary step in the banking and financial services industry because routing out the bad actors from the society is a primary task for the government.
A few of the challenges regarding KYC in the crypto-related companies are as follows; false assumption of losing anonymity, seen as a low priority center and lack of budget and experienced compliance personnel. There is a need for the adopting the latest technology to solve these challenges. Do you think it is possible to create a solution for the above challenges?
Solution offered
TRACETO.IO is creating the solution for the KYC. The framework designed by the team works on the four fundamental questions; who are you, who are you not, what did you do and are you still who you say you are. Smart contract and artificial intelligence technologies are being employed for the development of the TRACETO.IO network. The user utilizes the decentralized app when he/she wishes to join the ICO or an exchange. The identity documents are uploaded by the user on the platform. The documents are encrypted and stored in the application. User's permission is required for the viewing of those documents. Facial recognition, OCR, Video recognition are used as means to verify the profile.
The verifier on the platform which verifies the profiles is a trusted user, who is rewarded for his contribution to the services rendered. To become a verifier on the platform, a minimum quantity of T2T Tokens have to be staked. The level of authority in the verification is directly dependent on the number of T2T Tokens. Artificial intelligence algorithms are used for the purpose of automating several processes on the platform. Community on the platform plays an important role in smooth functioning of many of the services offered by the platform. There are different scores for the KYC provided to the users of the platform.
ICO INFORMATION AND TEAM
1 Billion T2T Tokens are created for the project in which 30% of the tokens are reserved for the token sale. The early access sale will start on 20th May 2018. The main sale of tokens will start on 8th June 2018. 50% of the funds will be used for the development and maintenance of the platform. The team working on the project is experienced in the field of financial services and blockchain technology.
Conclusion
In many categories of business, such as banking and finance which are highly regulated industry, the process of Know your customer is taken more seriously due to the involvement of financial choices. Anti-money laundering regulations are to be strictly followed by platforms to maintain the laws of the land. The advent and adoption of the cryptocurrency have made this task more complex.
Many companies based on cryptocurrencies are following the necessary laws while others remain inconsistent in their approach. Currently, they are focussed on the crypto- related business but in the future, they would expand their focus on the creditworthiness and product suitability. What do you think about the future of the platform?
Website: https://traceto.io/
Whitepaper: https://traceto.io/static/wp/traceto_io_GBX_whitepaper_v1.30_26032018.pdf
Telegram: https://t.me/tracetoio
Bthread: https://bitcointalk.org/index.php?topic=3439768
Published By:Kishan748
Btalk Profile:https://bitcointalk.org/index.php?action=profile;u=1027561