Persona, a distributed ledger technology (DLT) powered trust protocol has announced the beta launch of its KYC verification system.
At present, the know-your-customer (KYC) verification procedures of a vast array of platforms across the globe is entirely broken, as people need to enter their sensitive personal information on each site they try to sign up for persona, a distributed ledger technology (DLT) powered trust protocol has announced the beta launch of its KYC verification system. a specific service, be it a bank account, a streaming site, or even a job.
People’s personal details are continuously at the mercy of insecure third-parties. Moreover, if any of their information changes, the individual must manually update the info across all the platforms they might have signed/registered in.
In other words, the current KYC procedure is a cumbersome and clumsy process that predisposes everyone to identity theft every year.
Persona to the Rescue
With the impending launch of the beta version of the Persona blockchain-based identity management platform that works in compliance with the latest data protection regulations, all KYC bottlenecks will soon be a thing of the past.
Specifically, Persona allows quick and frictionless onboarding while also providing an unprecedented level of personal privacy and data security with just a few easy steps.
How it Works
- Upload: Users are required to upload their essential verification documents to Persona and it would get encrypted with a user-defined personal key and stored on a private IPFS.
- Collect Validations – from notary publics on the platform, who are responsible for checking and verifying the documents using permissions granted by the user.
- Earn Trust Points – different trust levels are required for opening different types of account, therefore users will earn trust points for each validation. Service providers will only need to see a user’s trust level and not their verification documents.
Furthermore, individuals can also register to become notaries on the platform and earn validation points for each validation they complete.
With the Persona platform, individuals can now maintain accounts with several services without having to undergo KYC procedures at all times.
Accordingly, the team has made it clear that the Persona beta testing will focus on security, fees, transaction volume and more.
Commenting on the development, co-founder of Persona, Stefan Neagu noted that:
“The Persona beta launch represents almost a year of development toward making Persona a provable trust protocol. We are proud of Persona’s potential to help individuals keep their identities secure while helping enterprises streamline onboarding processes.”