Guest Post from Xenchain
Fake News!! This is the current buzzword on social media due to abundance of fake news, not forgetting leaders of countries popularizing this too. All jokes aside, there is a real need for identity verification of users on social media platforms globally. Prior to mid of 2012, Facebook did not require mobile phone numbers of users to sign up on their platform. Users can simply name themselves anything or impersonate anyone with similar digital photos. While it did not seem important before 2012, it is now a vital component of identity verification and authentication via mobile phone numbers. Most countries globally require mobile phone users to register their identities with telco providers as a means of KYC (Know Your Customer) as financial institutions do.
KYC by telcos are not easily done, as mass registration especially in developing countries is tedious with tonnes of paperwork. These KYC regulations are usually set by government policies which regulates the telecommunication industry in their respective countries.
Xenchain’s seamless unboarding of personal data unto its platform using instant facial recognition via its mobile app or web app is a game changer. This 3 minute process ensures the valid ID or passport holder is matched using a liveness or motion test (movement of the eyes and mouth) via selfie photo. Once this data is onboarded unto Xenchain’s platform, the Xen Network is able to create peer-to-peer verification among connections on social media. This means your real friends on Facebook or Twitter are able to verify you and vice versa to prove your identities to prevent fraud, scam and fake accounts.
End users (us included) may complain about the paperwork & processes required for KYC implementations, financial institutions & their corporate clients are struggling as well. TOP 3 reasons why KYC is stressing them out. Read more https://t.co/2QWhSNAxj5 #banking #kyc #blockchain pic.twitter.com/JE6zuX5r3n
— Xenchain (@xen_chain) June 27, 2018