Blockchain Based, Automated KYC Process

Online Identity theft, fraud or database breaches is a global issue with the huge costs. Online businesses try to shield themselves from the use of stolen or fraudulent IDs by implementing KYC processes, making sure they enrol and transact only with the legitimate customers. The major downsides of manual KYC process are costly and might delay enrolment for up to 2 weeks.

Authenteq (AQ) is developing a blockchain-based, 100% automated, identity proofing services- called Authenteq ID- with biometric user authentication, ideal for online services that need a trusted ID for user enrolling. Authenteq ID stores end-to-end encrypted personal data in a user owned ID wallet, which means that no one beyond the rightful owner of the ID wallet, not even AQ, can access the data without the explicit consent from the user. AQ relays on state of the art liveness detection, facial recognition, gov-ID data extraction and verification, end-to-end encryption, entity-identity-device binding, and blockchain data proof storage.

Key takeaways:  

• KYC process in regulated and non-regulated services
• Security features during the automatic KYC process