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What is KYC? And What exactly is eKYC?

You’ve heard of KYC, but you may not be familiar with it.

Tell you a secret: eKYC is already in our lives!

KYC (Know Your Customer) refers to the process of validating a user’s identification. It is a safeguard that employs passwords and dual identity verification.

By uploading identifying papers such as a passport and a photo ID for account binding, eKYC (Electronically Know Your Customer, identify your digital user) makes the traditional KYC procedure more safe, quicker, and suited for distant operations.

eKYC provides the following benefits:

Effective anti-fraud measures

Prevents identity theft

Quick account creation

Remote processing is made easier.

Ensures the integrity of the account

Save users’ time

Provides efficient and secure administration for governments

KYC is critical for keeping business units’ and customers’ information secure, and it can give essential information for tracking money back to their source. Blockchain may be used to establish a highly secure and reliable digital identity method in eKYC.

Every transaction or document’s authenticity must be validated by blockchain nodes, and the tamper-evident nature is ideal for electronic documents, which can be traced and checked in real time, ensuring the integrity of every transmission connection.

Photo via : PNGTree

#KYC #eKYC #Blockchain #finance

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Maxonrow is a leading technology company committed to building a safe and efficient digital world. The company develops an array of products and services powered by blockchain technology, focusing on increasing security and efficiency in digital processes.

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