Gelios and KYC.Legal announce partnership
Peer-to-peer transactions are all about trust, and when a P2P transaction takes place online, things can get tricky. Blockchain technology, of course, goes a long way towards getting rid of fraud and enabling trustless P2P transactions. Every transaction carried out using a cryptocurrency is recorded on the distributed ledger. If fraud occurs on the blockchain, it is visible to everybody on the network.
This visibility is a major deterrent for fraudsters, but most blockchain users have found that it still is not enough. Some solution had to be found that would fully secure the system from user registration onwards.
“Know-your-client” procedures have become accepted as that solution. Essentially, this is the process by which users are identified and verified when they register on the platform. Many types of KYC solutions exist, but the one provided by KYC.Legal is something extraordinary.
Instead of storing personal data on some central server, KYC.Legal uses multiplicitous storage locations that can be quickly accessed for verification by a distributed system of network miners. Users’ personal information is protected and stored on user devices — they themselves can decide which information to make available to the service. What’s more, KYC.Legal enables digital signatures, so that documents can be confirmed despite great geographic distances. Services can know their client while clients can feel secure.
As a KYC solution, KYC.Legal relies on committed partnerships with other companies in the industry that need their services. To this end, KYC.Legal is excited to announce their new partnership with Gelios, the P2P cryptocurrency lending platform.
Gelios, as a fully P2P platform, enables different participants to enter into business directly with one another. In order for this to work, they recognized that there needs to be an effective KYC system in place for every transaction. As such, they are implementing a KYC marketplace into the platform. Users will have the ability to select the KYC solution that works best for them.
Gelios and KYC.Legal fully expect that this partnership will bring an increased user base to both platforms. With a shared philosophy centered on creating a better world with more choices for everyone via P2P, these two companies are sure to fruitfully cooperate well into the future.