KYC Identity on the blockchain

There's a problem that is crying out for a solution - the fact that you have to prove who you are multiple times with different establishments, both online and offline, means a lot of wasted time and money. This should be centralized where possible so you create your ID once and then companies can do a quick check to see if it is really you.

We are building a module inside the Tagcash Wallet that integrates with the Tagcoin Blockchain to offer an inexpensive solution to companies and apps, that can be used both as an identity checker and 2 factor authentication. We will be using Tagcoin currency for the charging and the TAG Blockchain to record the Identity creation, proof and registrations with apps, sites or even in real life (eg: Banks etc)

Here's how it will work:

User registers and performs KYC (Know your Customer) verification which includes a clear passport style photo, a government issued ID, a selfie holding the government ID up against your face, a digital signature, and some basic data. Sometimes a scan of a utility bill or bank statement with address done within the last 3 months is also needed.

At the completion, the user registers the identity on the Tagcoin blockchain, and the name is added to the blockchain transaction along with the time and date of registration.

Another company can request that you prove who you are, in person or via app or site. You can generate a public key which will be valid for a few minutes, and using that the company or app will generate a transaction and check the ID is valid, both in our system and on the blockchain. If any of the component parts don't fit, then the check is invalid. We can add in levels of authentication and store that data in the blockchain along with the name.

The same system can be used for 2 factor authentication.

Your data can be shown if you choose to share it, but it will only be valid for those few minutes after the authentication was requested, which is more suitable for face to face authentication. The point is to keep all the documents, sensitive data etc in one place. Long term, depending on changes in laws etc, a better option will be for all that data to sit on your own device and not be online at all. However, anti money laundering laws and government departments usually specify that the documents are held somewhere they can inspect if needed. (Often a court order is needed to show data)

The charge to the companies requesting data to be shown will be a bit more than a simple check or 2 factor authentication, but will still be inexpensive

Other partners that do their own KYC authentication can become part of the network, and they can be paid automatically in Tagcoin on each check. The point being that KYC documentation is held in one place only.

Here are the mockups so far -

A mockup for this is available in the Tagcash Wallet Mockup under the "Identity" at - no doubt it will be tweaked a little more as we develop:

Iplotz Tagcash Wallet Interactive Mockup - Identity

Entry Screen

Entry Screen

Entry Screen

Entry Screen

Entry Screen

Entry Screen

mark vernon

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