The Importance of Decentralized KYC Utility for Cryptocurrencies
Many financial institutions are still adopting tedious processes of KYC method, with human interventions. The method itself is often costly and creates a negative customer experience due to long turnaround processes within the businesses. However, digitizing & automating the current processes and replacing it with cutting edged technology may help to change the way we conduct KYC. For instance, having a blockchain KYC utility demonstrates its greatest potential in reducing cost and time when performing KYC processes, and ensuring better customer experience and greater visibility to regulators.
In this particular series — Crypto & Blockchain Seminar Series (CBS) organised by professional blockchain and cryptocurrency researchers from National University of Singapore (NUS), traceto.io’s team was invited to share experiences across the regulatory domain. CMO of traceto.io, Dan Poh, and CTO of traceto.io, Dias Lonappan, shared their expertise in the relevant field and the insights of our KYC utility model, discussing on how we can better serve our clients and the blockchain ecosystem.
Through his vast and past experiences, Dan understands that large corporations are often equipped with the resources and capabilities to comply with the necessary regulations but yet not meeting the regulatory standards; while smaller corporations, such as FinTech and Blockchain start-ups struggle to keep this in check due to time and capital constraints. With that in mind, Dan took this time to present about his innovative RegTech solutions that will be able to meet the emerging needs of Know-Your-Customer (KYC), Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF). He also demonstrated used cases in the various organisations and showcased how our solutions will better serve the different segments of these various industries.
Dias, CTO of traceto.io, shared with the audience his experiences in the technology field and explained traceto.io’s approach of fusing smart contract and artificial intelligence to provide a decentralized KYC utility to the blockchain ecosystem globally. In addition, he further explained to the audience about traceto.io token (T2T) Network and the token economics, as well as showing a quick snippet of how the digital onboarding tool will be like for users.
By understanding the operational, regulatory, cost and customer experience challenges, traceto.io seeks to make a change in the KYC process through its approach, while bringing greater efficiency to the financial industry.
About traceto.io
traceto.io is a decentralized Know Your Customer (KYC) network that provides an inclusive KYC solution to cryptocurrency and blockchain product companies by fusing Smart Contract and Artificial Intelligence technologies. Leveraging on over 5 decades of experience in Compliance and RegTech, traceto.io’s vision is to bridge the gap between the real and virtual world KYC processes.
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