Introduction
KYC is actually a process of identifying and verifying a client's identity. In today's world where crime is at its peak providing KYC has become mandatory in most countries and almost every company or institution utilizes it to ensure that people relevant to them are not related to anti-money and bank laundering. I think it is a necessary step because prevention is always better than cure. In order to bridge the compliance gap between the virtual and real world, a decentralized network has been set up by the name of traceto.
Basic Information
Traceto is an innovative platform that has reinvented the compliance functions conducted by the bank and offers regulatory support for these changes. It has integrated cloud computing, distributed ledger, unstructured data, APIs and machine learning to offer opportunities for rethinking the process of conducting bank compliance. Traceto offers an inclusive solution on KYC via the help of blockchain technology and cryptocurrency by integrating artificial intelligence technologies and smart card.
Major problems faced by the existing platform and the solutions offered by traceto
The main problem of KYC framework is that it works on an illusion that secrecy can overrule the demand of complying with CTF and AML regulations but it is not so in real world. There exists a crack between virtual world and real world compliance regulations that are exploited either knowingly or unknowingly. Moreover it has not been a priority because it is perceived as cost centre. The existing platform does not have a watertight KYC framework to get the desired results because of a lack of qualified compliance and budget.
Traceto has been a great help in offering solutions to the problems faced by the active KYC network. It has developed a highly intelligent platform based on the existing KYC network with lots of innovative changes. It aims at offering solutions for real-life regulations. The platform enables comprehensive appraisal that is apparent to the regulators and by integrating AI with smart card it helps in encouraging regulatory inclusion. The traceto platform has simply combined the experiences gained via blockchain, RegTech and financial industries and the KYC framework has been divided in four simple questions that have to be answered. Firstly it determines and identifies the identity and then tries to uncover its relation to unwanted activities. The third step is to monitor any suspicious activities via fund transactions and lastly starts due diligence as activities and identity can change with time.
The actual working of traceto network
By addressing the actual problems, traceto provides a comprehensive KYC solution for the virtual world. The user is redirected to traceto.io Decentralised App if he is interested in taking part in Exchange or ICO. The necessary documents are uploaded by the user and then stored after being encrypted. Traceto asks for user consent to view these documents and shares the profile with its KYC Provider and artificial intelligence algorithm, which in turn is used for monitoring the necessary transactions.
Team
Traceto has a good team with an ambitious idea of offering a trustworthy channel. The members have been working extremely hard for the expansion and development of this magnificent project. The team along with its advisors have an unmatched experience of RegTech experience and Compliance.
Conclusion
Traceto has been a major help to its clients in matters of regulatory requirements of KYC framework related procedures, counter-terrorism financing, and anti-money laundering. I think it is a compliant solution that preserves the privacy and helps in getting the required work done. Traceto has combined machine intelligence and community power to offer a revolutionary and better KYC system. It will prove to be a boon to the society in making it more safe and secure.
Website - https://traceto.io/
Whitepaper - https://traceto.io/static/wp/traceto_Whitepaper_v1_34_11052018.pdf
ANN - https://bitcointalk.org/index.php?topic=2911588.0
Telegram - https://t.me/tracetoio
Published by - prince0200
Profile - https://bitcointalk.org/index.php?action=profile;u=1807689