Blockchain & Identity: The New Step in Identity Verification

With the popularity of blockchain technology and its increasing use in emerging businesses, it is becoming essential that the system is made...

With the popularity of blockchain technology and its increasing use in emerging businesses, it is becoming essential that the system is made completely secure for the sake of fraud prevention and greater blockchain security. KYC verification is a smart and easy way to secure blockchain businesses against scammers and fraudsters.

blockchain technology

Secure your Blockchain Business with IDV

One way to authenticate the security of Blockchain businesses is using identity verification service to verify your client-base. These services are generally provided in real time and instantly verify the presence of a live person during video verification. In these cases, the users are also asked for their identity documents like state-issued ID cards, passports, driving licences, etc. for verification purposes.

Combat Money Launderers via AML Compliance

To adhere to AML laws, it is essential that clients are screened against government databases and watch lists governed by international regulatory watch dogs. With a proper AML Screening process in place, it can be assured that all the clients or users are not associated with terrorist funding, or any criminal activities. The AML service is generally in conjunction with KYC Verification services. These come as a package deal in an integrated KYC software.

Verify Buyers and Sellers with Digital KYC

When it comes to sending or receiving the crypto money, it is necessary for identity verification software to be installed in the system. This is required for a number of reasons, the most prominent being that once the crypto money is sent, the transaction cannot be reversed. Secondly, if the trade is happening unfairly, i.e. correct rates are not being offered, or any side is trying to rip the other off, or any questionable activity is in progress, then KYC verification can prove the culprit in seconds. A few of these softwares have video recording of the entire verification process, which is admissible in court should any legal inquiries take place.

Crypto Trading made reliable with KYC Verification

Peer to peer trading is made easy and secure with a KYC solution in place. The trading platforms can install a service that automatically performs verification for the buyers as well as the sellers. This way, both parties can be sure that they are not exchanging money from dubious persons. This way, client-consumer relationship is strengthened and the platform itself gains popularity for taking strict measures against scammers and fraudsters. Once the identity of a user is known and certain, their ID documents verified and their credit or debit cards authenticated, then a transaction is confirmed or allowed to proceed. This ensures a secured exchange or trading process to take place.

Purchase Cryptocurrency without the Risk of Chargebacks

Payment cards authentication is carried out with the help of a KYC software. When a transaction is performed, almost always, some proofs are collected. These proofs may include photos of the user’s face, their identity documents and payment cards. Depending on the service, these proofs can also be in a video format. Some services record the video of the complete KYC verification. After an exchange completes, and a client claims that they were not the one to authorize the transaction, that’s where identity verification comes to aid. The proofs presented during the KYC process can be used to verify or refute the user’s claim.

KYC and IDV processes can secure finances, and help businesses grow in size and profitability, with minimized risk of illicit activities, frauds and assets’ losses.

You May Like To Read More About BlockChain Technology

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WEB: Writers Essay Best: Blockchain & Identity: The New Step in Identity Verification
Blockchain & Identity: The New Step in Identity Verification
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