B.T.E BOTLabs today announced the launch of SocialKYC , a new platform that is built on the KILT This trailblazing protocol offers a decentralized identity solution that simplifies the Know Your Customer (KYC) process, returning control over personal data to its rightful owners.
Social KYC revolutionizes data privacy by shifting the power dynamic, allowing individuals to manage their own digital identities.
Traditionally, users have had to rely on giant platforms to safeguard their sensitive information, often resulting in significant security challenges—especially for major financial institutions.
SocialKYC Nails Privacy
In today's financial ecosystem, robust KYC checks are indispensable but can pose a liability due to the sensitive data they require companies to keep.
Here is how SocialKYC works
- SocialKYC starts by issuing a straightforward challenge to users, verifying their claim over a particular online account.
- Once verification is complete, SocialKYC grants a credential to the user, giving them full control over it to affirm their association with the specified account.
- Our users' data isn’t stored or disclosed by SocialKYC—instead, it lives securely in the user's digital wallet, fully under their governance.
- Users are free to present these credentials across various online platforms as they choose, enhancing their digital engagements.
- Additionally, users have the option to make some of their credentials publicly available, with the ability to withdraw them whenever they wish.
This advanced system bypasses the risks of data exposure, employing credentials to confirm identity while protecting personal information.
Capitalizing on the expansive reach of social media, this platform presents a promising model for secure online interactions.
New Verification is Here
Beyond the financial sector, identity verification plays a crucial role across the internet, often depending on centralized authorities for authenticating users and establishing trust.
Consider a platform like Twitter, where verified accounts enjoy increased followers, but the oversight lies entirely with the platform.
SocialKYC offers a transformative alternative to this status quo.
Rather than defaulting to trust, SocialKYC provides next-gen social channels a secure way to affirm identities, minimizing risks from cyber threats.
A trusted SocialKYC accreditation can affirm an account’s legitimacy, fostering confidence in the shared content.
The Metaverse Will Be Social
The concept of the Metaverse is gradually taking shape, and as an inherently social domain, it will benefit immensely from decentralized solutions like SocialKYC to avoid becoming chaotic.
Ingo Rübe, the visionary behind the KILT Protocol and leader of BOTLabs Gmbh, acknowledges the immense potential, stating:
'Unlike traditional online login methods, SocialKYC forgets about the user and credential immediately post-issuance, preventing unauthorized sharing, selling, or monetizing of your data… From tangible businesses to virtual worlds, SocialKYC offers solutions wherever trust is essential.'
Clearly, SocialKYC is paving the way for future-proof tools that instill trust and authenticity in decentralized networks. To initiate your journey with SocialKYC, simply follow this link !
