Understanding the Parallel Chain eKYC solution.
Before we look at the intricacies of the eKYC-Chain, let us first understand what is KYC. KYC means know your customer, this process every centralized exchange in crypto endorsed to carry out verification of their customers in most cases to avoid fraud and also to comply with local authorities’ regulations.
With KYC impersonation is difficult because to be verified means the exchange has thoroughly check your identity and have you verified and also incase of frauds, it is easy to identify who perpetrated the fraud since users are KYC’ed.
Although most of the organizations that collect our identity make us to know that our data are not stored or our data aren’t shared with third party, the truth remains that we actually don’t know what happens after they have collected our identity.
It is 80% accurate to say that after KYC, most people do not actually know what happens to there data, how it has been used, where it has been used and for what purpose it has been used.
Exclude cryptocurrency, banks, hospitals, educational institutions, and others make take our data and identities and we can’t really explain what have been done with the data.
Below are some of the common challenges with face with the traditional KYC systems.
eKYC-Chain is a blockchain and biometric system for secure and effective verification and authentication of identity. eKYC-Chain could be applied from ranges of internal business procedures to KYC and to AML compliance.
What makes eKYC-Chain unique? eKYC-Chain comes with ant spoofing facial detection and blockchain enabled ability to detect duplicate entries.
With parallelchains, the functionality of eKYC-Chain by ensuring safe and proper handling of data collected from the verification process in addition to immutability, traceability. Parallelchains is also effective to deter insiders from leaking and or misuse of data.
Also with parallel chains, data could be removed permanently upon request.
Lets look at some advantages of eKYC-Chain
Parallel Chain eKYC-Chain solutions could be used across all forms of organization, healthcare, cryptocurrency, educational institutions, ministries, and governmental organizations.
For more information about Parallel Chains
Official Website: https://parallelchain.io/
Official Twitter: https://twitter.com/ParallelChainLB
Official Telegram: https://t.me/parallelchainofficial
Official Discord: https://discord.com/invite/parallelchain
Before we look at the intricacies of the eKYC-Chain, let us first understand what is KYC. KYC means know your customer, this process every centralized exchange in crypto endorsed to carry out verification of their customers in most cases to avoid fraud and also to comply with local authorities’ regulations.
With KYC impersonation is difficult because to be verified means the exchange has thoroughly check your identity and have you verified and also incase of frauds, it is easy to identify who perpetrated the fraud since users are KYC’ed.
Although most of the organizations that collect our identity make us to know that our data are not stored or our data aren’t shared with third party, the truth remains that we actually don’t know what happens after they have collected our identity.
It is 80% accurate to say that after KYC, most people do not actually know what happens to there data, how it has been used, where it has been used and for what purpose it has been used.
Exclude cryptocurrency, banks, hospitals, educational institutions, and others make take our data and identities and we can’t really explain what have been done with the data.
Below are some of the common challenges with face with the traditional KYC systems.
- False positives: Happens when the IDV solution returns a substantive risk results upon further inspection are incorrect, organizations turn away prospective customers through no fault of their own. Furthermore, false positives can cost a person or a group of people their money and money to identify and to resolve
- Siloed Data happens when repository of data controlled by one department or business unit and isolated from the rest of an organization. Data silo could also be said to be a collection of data held by one group that is not assessible or fully assessible by other groups in the same organization. Be it finance, HR, marketing, cryptocurrency and other department that needs information to do their work.
- Manual Process: manual processes limit the speed of results and introduce the risk of human error. The risk of human limit and elements of human factor and human performance reduces the credibility, authenticity and speed of KYC process.
eKYC-Chain is a blockchain and biometric system for secure and effective verification and authentication of identity. eKYC-Chain could be applied from ranges of internal business procedures to KYC and to AML compliance.
What makes eKYC-Chain unique? eKYC-Chain comes with ant spoofing facial detection and blockchain enabled ability to detect duplicate entries.
With parallelchains, the functionality of eKYC-Chain by ensuring safe and proper handling of data collected from the verification process in addition to immutability, traceability. Parallelchains is also effective to deter insiders from leaking and or misuse of data.
Also with parallel chains, data could be removed permanently upon request.
Lets look at some advantages of eKYC-Chain
- Instant selfie to photo ID matching
- Spoof-proof physical-digital identity
- Duplicate record detection
- Trustworthy verification
- Fraud risk alert
- Data protection compliance
Parallel Chain eKYC-Chain solutions could be used across all forms of organization, healthcare, cryptocurrency, educational institutions, ministries, and governmental organizations.
For more information about Parallel Chains
Official Website: https://parallelchain.io/
Official Twitter: https://twitter.com/ParallelChainLB
Official Telegram: https://t.me/parallelchainofficial
Official Discord: https://discord.com/invite/parallelchain