Have you ever thought about the stress of going through native know your customer (KYC) Identification process just to prove that you are a real human, or Anti money laundering process (AML)... just because you earn legit money and you have to explain to the some companies or banks that your funds are well accounted for, trust me with my little knowledge of cryptocurrency i know how time consuming these processes are, or not to even mention the fact that your kyc application may get rejected due to silly mistakes such as uploading a screenshot of your passport document instead of a scanned copy.
Truth be told i have refused to sign up to some websites due to the unreasonable period of time it takes them to approve kyc documents..
Well relax as a new game changer is coming to solve these issues arising from kyc with advent of the blockchain technology , with this product kyc can be done with just a touch and is seemingly faster and doesn't require consequent upload of documents.
What is Traceto?
Traceto is private company limited by shares incoporated and registered in singapore
Traceto is set to offer solution to KYC issues through the use of smart contract in conjunction with artificial intelligence, as the traceto team have a vast experience in kyc compliance and aml regulations, by doing this they are set to bridge the gap between the physical and virtual kyc process.
We all know what KYC and AML stands as I'll spare you the technical information regarding it, but just to have an idea of what am talking about kyc is simply used to get to know your customer well,it is used to access various risks, credit worthiness and product stability, AML regulations are controlled checks placed in order to control the flow of illegally obtained funds through the financial system, just say prevention of illegally obtained funds used to fuel terrorist organization with AML funds to terrorist organization are reduced and mostly cut short thereby making the world a better place.
Problems associated with KYC and TRACETO proposed solution
The problem of manual validation...most of the kyc process today are quite manual as kyc officers have to manually cross-check every documents uploaded in order to differentiate counterfeit from original ones, this process alone consumes a lot of time and human resource which is not so good in terms of the monetary aspect
However with traceto this process will be automated and more efficient with respect to the manual kyc process.
How does traceto work?
Among the products of traceto includes a platform that will allow decentralization in compliance with kyc related regulations, and this will be done through the use of decentralized application which will serve as the link between a user and the traceto network, so simply a user goes through an onboarding process by uploading his identifiable information to the traceto network which is secured by blockchain technology,thereby converging security and and the users is also required to pass a liveliness test.. upon completion of this his personal identifiable information are then encrypted and stored in encrypted vaults and the user is rated .
In advent of request of kyc documents by a corporate organization, the user reserves and has all rights regarding this as he decides if the information should be shared or not..this not only protect the interest of the user it will also serve as a form of revenue, upon the consent of the user to release kyc score and the likes, this would be overseen by the use of smart contracts in order to ensure that both parties are being kept in line, the dapp by the traceto team also allows people to conduct social verification of users, these people are trained by the traceto network through gamification process,just like playing a game and there are stages as completion of the process ensures verifiers have received enough training to perform kyc related tasks.
The traceto token
The traceto token is an erc20 compliant utility token which will be used primarily for the traceto smart contract, and will be used as medium of exchange in the traceto ecosystem as users corporate organizations which will require the kyc services for their customer will have to do so through the T2T tokens, also verifiers will be paid their rewards in traceto tokens
Total supply - 1,000,000,000
Token symbol - T2T
Tokens for sale - 400,000,000
Price - 0.000075 eth = 1 T2T
Early access sale - ended!!
Main sale - start date 8 june 2018
Use of funds generated from token sale
Traceto team and avisors
PROJECT'S ROADMAP
This project is definitely worth taking a look into as i can envision and see this project becoming the pioner in respect to kyc regulations, as all big companies would want to make themselves acquainted with this project, because it will save them a lot of stress and make their work more efficient.
However for more information you can visit any of the links given below
Official website
https://traceto.io
White paper
https://traceto.io/static/wp/traceto_Whitepaper_v1_35_en.pdf
Bitcointalk bounty thread
https://bitcointalk.org/index.php?topic=3439768
Telegram link
https://t.me/tracetoio
Author's bitcointalk profile link
https://bitcointalk.org/index.php?action=profile;u=1819997;sa=account
Bitcointalk username
Lektai