Blockchain and KYC

A match made in heaven?

The Idea Behind Blockchain and KYC

Each company has to verify your identity somehow, and it’s particularly important for financial institutions. This gave rise to ‘know your customer,’ or KYC protocols to help companies ensure they know who they are doing business with. Typically this involves a long, drawn-out practice where certain documents are shown, and some sort of background check or verification takes place.

In research, a 2017 survey by Thomson Reuters found that the average time it takes to…