Blockchain : KYC in the Blockchain world – discussion
All we know, that today KYC is a must in some spheres of life, mostly in banking.There are also many stories about KYC/ALM procedures in blockchain. But is it really so essential? Showing your face, ID, flap arms and so on – why there’s still no applicable alternative for all this staff? Many people are a bit paranoid (so am I) and don’t want to send somewhere their photos and ID scans, despite of it’s supposed to be 1000% secure and absolutely guaranteed not to send this data to third parties.
So is there a way, that KYC can be changed with some less private-life-harasing technology? C’mon, the sci-fi future is almost here – why not to invent some new identification tool?
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
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