How RecordsKeeper helped in building solution for KYC problem
‘Know your customer’ or KYC for short, is the process of a business verifying its clients. It is used by governments as well, to keep a database of the population. Currently, in the KYC model, people are identified separately for various types of transactions or activities with the help of a set of documents. These documents can comprise of passports, election cards, Aadhar numbers, Permanent Account Number (PAN) and many more. Since it is not possible to link non-overlapping sets of identifying documents, it becomes a flaw in the model because there is no surety if the ultimate beneficiary in different activities is actually the same person. To eliminate this problem, a new idea proposal has come forward. It suggests that there should be a central registry, which can link people across all possible forms of identification. Such a process would leave no doubt that someone owning X property is the same as the one who has Y passport and Z PAN.
RecordsKeeper is a platform which provides blockchain centric solutions to store, share and manage your information in a secure manner. Once your data is on the RecordsKeeper blockchain, it can not be deleted, tampered or modified; it becomes immutable. RecordsKeeper offers a rich set of features including extensive configurability, fast deployment, permissioned management, native assets and data streams. So, we can apply these properties of RecordsKeeper to solve the recent KYC related issues of verification.
There are different layers in RecordsKeeper ecosystem which provide the building blocks for the RecordsKeeper Blockchain.
a) Application Layer
b) Insensitive Layer
c) Consensus Layer
d) Network Layer
e) Data Layer
The layers mentioned above interact with each other to form a mineable public database on the blockchain.
Using JSON RPC APIs, we can configure the connection for RecordsKeeper Main-net with proper authentication details and do transactions(send or receive tokens across networks) over RecordsKeeper blockchain.
Thus, the RecordsKeeper blockchain is ensuring that there is a seamless integration of applications.
