Getting your documents scanned for KYC verification is one thing. And uploading the documents every time you’re requested is another thing. It’s time-consuming and a hassle. Now, what if you can complete the entire process in just a few seconds?
That’s what SelfKey is all about. It is a decentralized system where you need to upload your documents just once, and you have complete control of it anytime.
SelfKey aims to take the idea of KYC to the crypto space. As the crypto market is booming and as bitcoin is reaching new highs by the day, SelfKey does seem to be a promising marketplace.
Based on blockchain technology, it claims to fix several issues involved in KYC practices. It can be an excellent investment choice for anyone with data security concerns. Best of all, you get to regulate and manage your data.
Let’s see more about SelfKey and whether it is a good investment in the long run.
What exactly is SelfKey?
SelfKey is a digital identification system that focuses mainly on decentralization and individual rights to the document.
With blockchain technology, the idea is to leverage the individual’s rights wholly to the user rather than the Government.
There will be more transparency, reliability, security, and above all, privacy with SelfKey.
Users users can store their ID and documents on the blockchain instead of on popular crypto exchanges. Doing so keeps the data safe and also allows users to access their documents anytime.
What makes SelfKey better than KYC?
Let’s see the key differences between the two to understand why SelfKey is better than KYC here.
Efficiency
Right now, rather than being a choice, KYC is mandatory for users. Users are obligated to share personal information in any event, which makes the system faulty.
Plus, users need to scan multiple physical documents and submit them to all places.
That’s where SelfKey comes in. In this digital infrastructure, users need to upload the documents just once. The files are stored in blockchain, and users can access and send the documents as and when necessary making it more efficient.
Robustness
KYC is based on database centralization, which is one of the biggest limitations. This is because there is zero privacy, and users’ data is stored redundantly across different platforms, making it more prone to data breaches. Sure, it’s easy to access for managers, but it’s a major security concern for customers.
But SelfKey overcomes this issue. Apart from the users, no one can access the data. Users have complete control over their documents; they can manage and access them easily at any given time.
Regulation compliance
The KYC system is time-consuming, and the mechanism is hard to follow. Each country has its own set of policies and regulations to ensure the consumer data is protected. That makes the user difficult to port when needed.
But with SelfKey, it’s the users who have complete control over their documents and the process. It’s also cost-efficient and less cumbersome, making it convenient for both businesses and customers.
Ease of Access
Lastly, with SelfKey, users have complete control making it easier to access their data. There have been several security breaches in the past, and it’s not new. To ensure consumer data is in place, SelfKey is the way forward to user identity.
What makes SelfKey a good investment opportunity?
Though the crypto market is highly volatile, SelfKey is expected to grow to $2B by 2023. With an average annual growth rate of 84.5%, SelfKey does seem to be a good investment opportunity.
According to the forecast by Cryptoground, SelfKey is expected to grow 19,497.14% in five years. Now, that’s indeed a massive growth. With minimal to zero chances of crashing, SelfKey can be quite groundbreaking in the future.
Booming Marketplace
With SelfKey, users don’t have to worry about providing personal details when buying services from the providers. With a marketplace being set up within the SelfKey platform, there is no process involved to upload the documents. All the details can be sent through SelfKey in minutes, saving significant time.
Meeting Market Requirements
Today, people don’t prefer paper-based and government-driven systems to control vital information. The pain points of the users are assessed carefully and overcome with SelfKey.
With SelfKey, a physical signature will be history. Users can use and unlock their digital signatures using private keys on their devices.
Since customer satisfaction and fulfilling the customers’ demands are significant to any market, SelfKey is by far the best possible infrastructure that will gradually gain momentum over the years.
SelfKey started on a Good Note.
With all the positive observations on SelfKey, it has exceeded the expectations of many experts. Though it’s just the beginning, it has performed exceptionally.
Altogether, looking at the benefits of SelfKey and it’s past performance, it does seem to be one of the best investments in the longer run, if not now.
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