ICO Pass Review — KYC Checks made fast, secure and affordable

paperclickcrypto (25)in #icoreview • 6 years ago

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Most businesses are yet to warm up to the idea of relying on the blockchain technology because its usage is anonymous. While anonymity was one of the main reasons for developing the blockchain technology to support cryptocurrencies, registered companies still need to do business legally. That means they need to know who their customers are and able to verify that they have the identity of the right person. It's that in mind that ICO Pass was launched by Notakey.com, which also happens to be an identity checker for leading financial institutions. ICO Pass will help ICO organizers fulfill know your customer (KYC) requirements, and ICO contributors to verify their information.

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How Does ICO Pass Work?

The ICO Pass will work in three stages to make it possible to quickly gather, verify, share, and store contributor information. The information gathered will be limited to the

full name of the contributor
their date of birth
e-mail address
country of residence and nationality
mobile phone number
a photo of the contributor's ID
the address of their residency
photo of the contributor

The above information will then be verified using the database provided by organizations such as Onfido, and then signed and encrypted using ICO Pass key (0x612fadf295ce8bbbcf83ecd5dc2832b5ace583e3). Finally, it will be published to InterPlanetary File System (IPFS) where it can easily be retrieved by ICO organizers. ICO Pass will provide them with smart contracts and modifiers that will be able to verify the Ethereum address of senders when they make payments, as well as a web-based application that will help them to manage the KYC information that has already been published to IPFS.

ICO organizers will not need to sign up or do any up-front work to use ICO Pass. For contributors, all they will need is to install the free mobile application that will help them to submit the required information. However, they will be required to prove their address by sending a small Ethereum token to ICO PASS. The token will be refunded after verification is complete, but after network fees have been deducted.

Why Choose ICO Pass

ICO Pass is fast and will be able to authenticate a person's ID, match his face to their photo, look for their information in sanction lists, and verify their residency, all within a matter of minutes.

To safeguard and uphold the contributor's privacy, all gathered data will be encrypted during transfers and when in storage. Moreover, no one will gain access to it without the consent of the contributor.

To cut down on operation costs when processing the KYC data, the process is automated and highly accurate. Moreover, any authenticated KYC information is available for re-use by other token ICOs, which makes the process ICO Pass efficient and cost-effective.

Why It's Better Than Competition

ICO Pass is automated and takes about 7 minutes to complete the verification process, and it's not prone to errors. That's unlike other KYC checks that incorporate manual processes, which introduces errors into the output.

It can use multiple databases to verify gathered data and can add or remove the databases. Solutions available from competition only have access to only a few databases.

ICO Pass is transparent when it comes to supplying information about its data sources such as the contributor’s country of origin. Most competitors solutions don't provide any information regarding their sources of data. It also costs only €7 to per check when using ICO Pass, while the average cost of competition could reach about €230 or more.

It uses the blockchain to guarantee the integrity of the verified KYC information. Therefore, it eliminates the need to duplicate efforts by ICO contributors or ICO organizers. Most competitor KYC providers cannot guarantee that the data they provided isn't false or hasn't been altered.

Only the person identified by the know your customer data can access their encrypted data, which is better than competitor solutions that must use additional measures to comply with General Data Privacy Regulation (GDPR), which will be enforced this coming May.

Moreover, ICO Pass uses blockchain technology to achieve higher security but at a lower cost, and verifies any Ethereum addresses that request access to know your customer data. Other KYC providers must invest millions to secure their KYC, which makes their services expensive. Furthermore, they aren't suitable for blockchain use cases that need to verify addresses in accessing stored KYC data.

[caption id="attachment_194" align="alignnone" width="720"] Notakey, Swisscom, UBS and Credit Suisse kickstarting in Zurich[/caption]

The Team Behind ICO Pass

The team behind ICO Pass is experienced in the creation of infrastructure used to verify state IDs, and creating e-Signature solutions. The team has worked with some of the biggest financial institutions in Europe such as UBS bank and Credit Suisse to build a single digital ID successfully, before it commenced on the ICO Pass project. The Team is consists of 6 members and 3 advisors and is headed by Janis Kirsteins, who is the ICO Pass Founder and CEO. Kirsteins is also the Founder and CEO of Notakey that developed the Latvian State ID card architecture and the e-Signature solution.

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Verdict

ICO will bridge the gap currently being experienced by ICO organizers as they try to fulfill data privacy laws as well as laws governing money laundering. It will be able to provide Know Your Customer information, and do it fast, and without errors. Its tokens are backed by a technology that is in demand and will, therefore, continue to appreciate and as more ICO organizers embrace it. I hope that you found this article to be informative, and thank you for reading my blog.