Hong Kong-based self-sovereign identity service, SelfKey, has announced the release of a new whitepaper detailing its KYC solutions. The new features, enabled by artificial intelligence and zero knowledge verifications, will be rolled out to vendors, allowing them to authenticate users without exposing them to identity theft.
SelfKey’s zero knowledge KYC system makes use of zk verifications, which provide a means of verifying that a piece of information is correct without disclosing the information itself. This technology is popularly used in blockchain systems to enable entities to transact without revealing sensitive financial information such as account balances.
One of the advantages of SelfKey’s zk solution is that it allows users to maintain control over their personal data. This is achieved through the use of decentralized identifiers (DIDs), which are unique identifiers that are stored on a blockchain. DIDs allow users to control who has access to their personal data, and for what purposes.
SelfKey’s AI-based solution also offers a number of benefits. For example, it can help to reduce the time and cost associated with KYC processes, while also improving accuracy and reducing the risk of fraud.
Overall, SelfKey’s new KYC solutions represent an important step forward in the development of self-sovereign identity systems. By leveraging the power of AI and zero knowledge verifications, SelfKey is helping to create a more secure and user-friendly digital identity ecosystem.
