B.T.E BOTLabs today announced the launch of SocialKYC, a new platform that is built on the KILT protocol. It is a decentralized identity service that restores control to consumers, and makes Know Your Customer (KYC) procedures a lot easier.
Social KYC has created a system that puts the power to control data back in the hands of the people.
In most cases, people have to trust major platforms completely when it comes to keeping data safe. This has led to a number of issues, especially when it comes to major banks.
SocialKYC Nails Privacy
For many financial operations, KYC procedures are just plain necessary. This has put some companies in a lurch, as the data they must hold acts as a liability.
Here is how SocialKYC works
- SocialKYC first sends the user a simple task to verify their control of a specific account.
- After a successful check, SocialKYC issues a credential to the user which remains under their full control. The credential states the ownership or control of the specific account.
- This personal data is not stored or shared by SocialKYC. It remains in the user’s wallet on their personal device under their full control.
- The user can then present these credentials to any online service that accepts them, when and how they prefer.
- Users can also choose to publish one or more of their credentials, making them accessible to anyone. Published credentials can be unpublished by the user at any time.
As we can all see, this system avoids the damage that actually handing over personal information can do, and uses credentials to affirm that a person is who they say they are.
Of course, this platform also taps into the massive social media sphere, which is a great sign.
New Verification is Here
The world of finance isn’t the only place that identity matters. There are numerous areas of the internet that rely on a central authority to verify a person’s identity, and establish credibility.
Take for example a platform like Twitter. An account on the platform that has been confirmed with the magic mark will have loads more followers, but this puts all the power in the hands of the platform.
With SocialKYC, this dynamic can be changed.
Instead of having to trust people, SocialKYC offers next-generation social platforms a way for identity to be verified, without creating loads of opportunities for hackers to steal data.
An account could have a SocialKYC accreditation that confirms an identity, and helps people to have trust in the posts that are made in the account.
The Metaverse Will Be Social
The meaning of the Metaverse is still being hammered out. It is easy to see that it will be highly social. Any decentralized platform will need tools like SocialKYC, or it will be like a gamified dark web.
Ingo Rübe, the Founder of KILT Protocol and CEO of BOTLabs Gmbh, sees the potential. They commented,
“Unlike sign-in processes on the internet to date, SocialKYC forgets about the user and the credential as soon as the credential is issued. This avoids your personal data being shared, sold or otherwise ‘monetized’ by third parties without your knowledge or benefit…From brick and mortar to metaverse, there are SocialKYC use case opportunities wherever social trust is needed.”
SocialKYC is clearly looking to the future, and creating tools that will help create credibility and trust in a decentralized environment. To learn how to get started with SocialKYC, please just click here!