Let’s share what is KYC in Blockchain.
What is KYC in Blockchain?
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Let’s share what is KYC in Blockchain.
Ashish Jaiswal
KYC – Know Your Customer – and possibly also KYT – Know Your Transaction
KYC have lately become the norm for crowdsale registration and exchange verification. Now, KYT is on the rise, and it threatens to blacklist bitcoiners whose cryptocurrency is deemed unclean.
Ashish Jaiswal
As blockchain technology consists of distributed blockchain ledgers, KYC process can benefit a lot from the same. With distributed ledgers, a person’s KYC process can be paced up as everyone existing on the blockchain network can affirm the new entrant’s identity. Digital identities are applicable in such situations where users can use their digital identities which can drastically reduce the time consumed by companies in their KYC process and start making benefits for the organization to grow.