Traceto - a KYC Compliance Service Based on Blockchain and AI Technologies

jkvithanage (34)in #blockchain • 6 years ago (edited)

One important part of any business model is the Know Your Customer (KYC) structure, which is a process that enables the identification and verification of clients/customers. There are several reasons why you want to do this, it can help you identify what particular products/services a customer likes or does not like, it can also help you know the type of products your client/customer can afford. However, there are some problems facing the KYC structure, and privacy is number one on the list. Privacy is something many people do not want to joke with, intrusions into one’s privacy can be unsettling, and this is why many customers shelve KYC, as there have been reports that these KYC processes have created the impressions that businesses/companies were being intrusive, Furthermore, after carrying out surveys, the majority of customers were of the opinion that the KYC process was intrusive on security and privacy, without standard, inconsistent, and time-consuming. In recent times, more problems have been discovered that negates what the KYC model really stands for, some of the problems are related to the Counter Terrorist Financing (CTF) and Anti-Money Laundering (AML) regulations. There is also the problem of the nonchalant attitude to the KYC process, and this is due to the fact that businesses lack the human and financial resources to come up with processes that are effective and functional.

Know Your Customer via the Traceto Network

Traceto is a decentralized application for digital identity and can be used for the facilitation of KYC procedures. The creation and development of the network will be a function of the KYC protocol, and its functionality involves the gratification of real-world regulations. Furthermore, as a move towards eradicating the various problems of the KYC protocol, Traceto intends to offer regulators that have processes that can be easily demonstrated via the protocol’s due diligence. Traceto is publicizing regulatory inclusion by fusing the revolutionary and visionary technologies of Artificial Intelligence and Smart Contracts.

A KYC Service that works

Traceto’s Know Your Customer (KYC) system aims at ensuring that the platform’s ecosystem is compliant with the laid down KYC policies and regulations. By integrating the blockchain technology, 3rd parties or intermediaries are eliminated and as such will not be able to interfere or disrupt the KYC processes. The Traceto network will distribute the control, ownership, and management of the KYC network among members within the ecosystem. Incentives will be given to the users, for the promotion of the platform’s ideology among the users. By using the Traceto network, users are guaranteed privacy and compliance with the regulations required. In addition to all of these, Traceto’s network and Smart Contracts will be functional via the issuance of the ERC-20 token (T2T). The team members behind this revolutionary platform all have many years of RegTech and compliance experience, and the platform has enjoyed publicity from different media companies and has also gone into partnership with notable companies (Full Client list)

Conclusion

Traceto is coming to the industry while there are several other similar services up and running but, Traceto has many specialties over the all those exisiting service providers. Below figure is a comparison between those services.

Traceto is backed by Cynopsis Solutions PTE. LTD; a RegTec company already have over 450 clients. This signs a Traceto has a good future indeed. Integration of artificial intelegence is also another specialty here. Anomaly detection, Facial recognition and similarity are some features to be introduced to the ecosystem with artifical intelegence and deep learning technologies with the support of community feedback. Traceto has just 1 1/2 year project timeline. This is a good decision has taken by the team because, it is necessary to introducing the end product qickly in order to eliminate the competitors. This is not a big thing for this team with the support of a industry giant like Cynopsis Solutions. Intereted about Traceto? Read their whitepaper.