Know your Customer, or KYC in short, has been playing an ever increasing important role for large institutions, governments and corporations.
Whenever someone wants to open a bank account, or register an account (for example for a cryptocurrency exchange) they have to supply their information for the KYC process. This information usually consists of some data (name, birth place) and documents such as a copy of a passport and utility bills.
The data is then verified by, for instance, that bank or a third party KYC processor, after which their identity is certified and the account can be opened. This process takes time and is costly. Moreover, it has to be redone for every bank, institution or organization, which is very inefficient.
With regards to KYC in particular, PikcioChain offers an elegant, blockchain-based solution.
The individual supplier of data uploads his or her personal information and details to the PikcioChain platform. A trusted validator node, such as a bank, will process the this information and once it has been verified it will upload hashes of the data to the PikcioChain. This is done in a granular way as to make sure that if one document or piece of information is changed (because of a new utility bill for instance), the hashes of the other data pieces still remain the same and the data can still be reused, or sold.
Whenever another party wants to use this information for KYC purposes, they can receive the data from the user, hash it and compare it to the hash on the blockchain. If it already exists they can see that it has been verified before by trusted verification nodes and use that as a valid KYC. The more nodes that perform the KYC process, in combination with the information which nodes verified (bank vs small organisation), the higher the “reputation” of that data. We are calling this reputation the Trust Capital Index of data.