Winchain OS and it’s Smart KYC System

With the increasing popularity of various online lotteries over the last decade, the problem of online fraud and identity theft became even worse due to the fact that all the user identities are stored in each individual companies whose way of verifying your identity is different in terms of the system security, venerability or hack-ability. When a company is compromised from inside or outside, user identities and everything relies upon are at risk. And this is particularly important for lottery operators due to the strict regulation requirements that is comparable with financial institutions despite the facts that lottery operators cannot afford to deploy a lengthy process in hours if not in days, to check all the documents, backgrounds and verification as financial institutions do.

Until today, there is no global standard, so KYC practices on lottery vary by each country and by each entity involved in the lottery business including the lottery operators, auditors, notary offices, and relevant government agencies. This leads to redundant work and limits the ability for different entity to collaborate to verify identity. Also, regulations are often changed, creating costly and effort-intensive obligations for lottery operators to comply.

To address all these problems, Winchain OS takes advantage of a public ledger system to give almost instantaneous and truly secure verification of the user identity. Due to the immutable and unchangeable nature of the record kept in the blockchain, a ‘digital signature’ that would keep a secure copy of all your KYC-compliant information stored on a public blockchain which means the storage and access to the information are not just decentralized but also transparent and secured:

• The lottery operator, notary office, auditor, or anyone who is looking to verify the player’s identity would simply need to be given permission to access the personal information, making blockchain KYC incredibly efficient. One of the goals of the Winchain OS is to make it standardized, so every lottery institutions operator in the Winchain OS ecosystem would be able to share and view the same data.
• Similarly, updates to personal information would be done in the public blockchain, any institution using the Winchain OS would also be privy to any information changes. This means lottery players could update their personal information across all the accounts simply through their digital signatures, they wouldn’t need to contact each concerning party with changes, they wouldn’t need to worry anyone making any changes to their information without their approval, and the concerning parties would never miss the changes the players made.
• And thanks for the smart KYC system in place, lottery tickets powered by Winchain OS can be traded with each other without the concerning of ownership anymore. Lottery tickets held by the lottery players will be treated as assets on the blockchain, whereby the player can transfer the ticket including its ownership to others with a record securely stored in the blockchain.

To put it plainly, thanks for the smart KYC system in place, common lottery frauds like the loss of lottery ticket, ownership argument of lottery ticket when bought through a proxy, safety of cashing in etc. are not a problem in for Winchain OS anymore.

Blockchain in KYC is one of the most promising applications of the decentralized technology, serving a real need by decreasing administrative costs while at the same time increasing security and transparency. Winchain OS’s unique approach of using blockchain to enable a smart KYC system represents a true paradigm shift, away from individual lottery institutions doing repetitive and redundant work, benefitting both lottery institutions and players. By speeding clearance and increasing trust, lottery operations can become more efficient globally.

The argument for the blockchain KYC use case in the lottery industry is compelling, and it is only a matter of time when a pioneer like the Winchain OS will emerge to consolidate these requirements and provide a standardized method for lottery player’s identity verification.

For more information about the Winchain OS, visit http://www.winchainos.com/.