B.T.E. launches SocialKYC, a decentralized identity service that disrupts KYC methods

Rick Steves

“This avoids your personal data being shared, sold or otherwise ‘monetized’ by third parties without your knowledge or benefit.”

BOTLabs Trusted Entity GmbH (B.T.E.) has launched a decentralized identity service which helps users to regain control over their digital data.

BOTLabs, B.T.E.’s parent company is the initial developer of KILT, the first fully decentralized identity blockchain in the Polkadot ecosystem.

SocialKYC avoids monetization of personal data

B.T.E. is now bringing decentralized identity to a new nevel by introducing SocialKYC, a service that allows users to manage, store and present their personal credentials, enabling them to select which elements of their private information are accessed by online services.

Built on KILT Protocol, it issues credentials to users confirming the ownership of their email address or social media accounts after the user proves that they control the account.

SocialKYC proposes to expand the standard practice of “Know Your Customer” (KYC) using individuals’ social accounts in order to build a digital identity online without involving the traditional KYC methods.

Ingo Rübe, Founder of KILT Protocol and CEO of BOTLabs, said: “Unlike sign-in processes on the internet to date, SocialKYC forgets about the user and the credential as soon as the credential is issued. This avoids your personal data being shared, sold or otherwise ‘monetized’ by third parties without your knowledge or benefit. From brick and mortar to metaverse, there are SocialKYC use case opportunities wherever social trust is needed.”

KYC for gaming, e-sports, healthcare, academia, media

SocialKYC has already integrated KYC functionalities for email and Twitter, and credentials for social platforms such as Discord, GitHub, Twitch. The service intends to add other platforms in the future as the firm expands its capabilities.

The solution has plans to expand its future applications, including gaming, e-sports leagues, health care, academia, media, and decentralized social networks.

B.T.E. explained that to set up an account, users must create their KILT identity in Sporran, a browser extension for Firefox and Chrome that was created by B.T.E. as a gateway to the KILT blockchain.

Sporran serves as a wallet for KILT Coins and KILT credentials, enabling users to manage several identities, create on-chain DIDs (Decentralized Identifiers) for them and subsequently add Verifiable Credentials to the DIDs.

How it works:

SocialKYC first sends the user a simple task to verify their control of a specific account.
After a successful check, SocialKYC issues a credential to the user which remains under their full control. The credential states the ownership or control of the specific account.
This personal data is not stored or shared by SocialKYC. It remains in the user’s wallet on their personal device under their full control.
The user can then present these credentials to any online service that accepts them, when and how they prefer.
Users can also choose to publish one or more of their credentials, making them accessible to anyone. Published credentials can be unpublished by the user at any time.

 

Read this next

blockdag

Influencer Examines BlockDAG Advances as Presale Hits $27.7M Amid Updates on Solana Transaction Fees and Injective (INJ) Price

Discover what famous YouTube influencer CryptoDexWorld has to say about BlockDAG’s presale performance and mining capabilities. More on Solana Transaction Fees and Injective (INJ) Price Updates.

blockdag

Discover the Best Altcoins to Buy: Exploring Near Protocol, Cardano, and BlockDAG’s 30,000x Potential

Explore top altcoins like Near Protocol, and Cardano, and discover BlockDAG’s massive potential. Join us!

blockdag

Crypto Influencer Crypto Rick Endorses BlockDAG Amid $27.7M Presale Success; TRON Price & BCH See Surge

Crypto Rick endorses BlockDAG, boosting its $27.7M presale amid TRON and Bitcoin Cash surges. Explore why BlockDAG is a top crypto investment.

blockdag

These Altcoins Have The Potential To Make You a Millionaire in 2024

The crypto market is witnessing a surge, and certain alternate coins are catching attention for their rapid growth.

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

<