KYC or Know Your Customer is an important or essential aspect for almost every business venture. It is with the help of KYC that we get to know our customers. It aids to establish identity of clients or customers. Such identity can be easily established with the aid of Government provided documents like that of passport, driving license, etc. For many organizations especially for banks and financial institutions verifying and updating KYC of customers is a crucial aspect and while doing so many of the ventures suffers through technical glitch resulting in time loss. This can also pave way for money laundering and fraud. And in such case blockchain technology can rightly assist.
Blockchain innovation takes into account the formation of a dispersed record that is then common to all clients on the system. This factor implies that there is nobody single power and in this manner a state of shortcoming or weakness can get overcome, as in the customer/server model.
This implies blockchain databases have an inbuilt system that makes use of the reliable or trustworthy information. Such databases can be utilized to store ID subtleties of people which would be totally dependable.
At IGMI Lead we help to support our customers with the latest blockchain technology that helps to provide KYC solutions.