Here’s why we are building VeriME
Despite all technological innovation, we still have been putting up with certain outdated, tedious and expensive business processes for long now, and that’s a problem. Imagine, if technology could transform these processes and minimise the time and effort which went into them, then human beings would be left with a lot more time and energy to put into more uplifting, constructive and creative activities.
I am of the belief that traditional KYC processes use an exorbitant amount of time and resources. And these costs can be done away with. Even traditional transaction authentication utilises expensive infrastructure, and yet remains vulnerable to security threats at many points. So, there’s room for improvement there too.
At VeriME, we are building blockchain-based identity verification and payment authentication solutions of a transformatory nature. These solutions will cut down on a considerable amount of time, efforts and resources which currently go into these processes, and make them significantly simpler and safer than they are now.
The hassles with traditional KYC
Traditional KYC processes entail a number of time-consuming micro-steps. The customer has to go the Service Provider with a bundle of documents — originals and photocopies. They have to fill out lengthy forms, and while doing so, they have to ensure that they supply exactly the same information in the forms as what is mentioned in their personal documents. In case there is a mismatch between the information on the forms and the identity proofs, the following businesses processes will get delayed because the customer will have to go through the same KYC process again. Not only does this lead to the customer getting frustrated, but it also creates friction between the customer and the service provider.
Digitisation of KYC processes has considerably reduced the time and effort for both the customers and the service-providers, but even this system comes with its own flaws. The onus of storing the customers’ information securely is on the service providers, and it translates into guarding the data with expensive data protection solutions. Despite all their efforts, the data is still susceptible to being stolen and misused.
How will VeriME transform this process
With VeriME, D-KYC processes will be completed in a fraction of seconds without the customer having to physically meet the service provider, submit all those documents or fill out any forms physically or virtually. All the customer will have to do is create a profile on VeriME, which includes clicking a selfie according to the app’s instructions and uploading identity proof documents, payment methods. This process takes not more than a couple of minutes.
The VeriME application then uses its computer-vision algorithms in the background to match and verify Customer’s selfie picture with the photo on identity proof document, Payment methods etc., with an accuracy ratio higher than human detection. If the match is a success, VeriME changes Customer’s profile status to “Verified”. With this profile, customers can complete D-KYC formalities with Service Providers in a matter of seconds by scanning the QR code generated by the Partner. Imagine, the time, energy and costs that this D-KYC process will save both Service Providers and Customers!
The deficiencies of traditional payment authentication methods
Transaction authentication refers to identifying a buyer with two-factor or three-factor authentication mechanisms. However, there are numerous problems with traditional authentication mechanisms. To begin with, they are not entirely immune to fraud. Secondly, they cause frustration among customers when they are redirected to another page for the completion of authentication formalities. Thirdly, we still do not have an effective solution for Man-in-themiddle (MitM) or Man-in-the-Browser (MitB) attacks. Fourthly, they are too dependent on mobile networks for OTPs.
How VeriME’s solution will remove these deficiencies
The good news is that the profile that the customer had created for D-KYC, will work for D-SECURE with VeriME’s partners as well. Customers can authenticate themselves during transactions VeriME’s partners using the QR Code generated by them, or biometric means. This process too takes no more than a few seconds. And additionally, it is a more secure and less expensive transaction authentication method for both the parties.
Thus, with the efficiency gains possible with blockchain, appreciable amounts of time, energy and resources can be freed from traditional KYC and transaction authentication processes. These rescued assets can then be utilised by organisations and individuals for their more creative pursuits.
We have been pitching our idea to organisations, and we have already partnered with eminent South-East Asian companies such as NganLuong, a major Vietnamese payment gateway, Weshop, an e-commerce platform and cross-border shipping service provider, and Moin, a foreign remittance service provider.
We truly believe in the revolutionary potential of our idea, and so we would like to reach out to as many people as possible with our products. We will be conducting the presale of the VeriME token soon, and we would like to invite you all to participate in the presale and support our endeavour. Please visit https://www.verime.mobi/ to understand more about VeriME and contribute in its token sale.
