B.T.E. BOTLabs Trusted Entity GmbH (B.T.E.), a subsidiary of BOTLabs GmbH, has rolled out a new product geared towards enhancing KYC safety. The new product, a platform known as SociaKYC offers decentralized identity protection.
Know Your Customer (KYC) is one of the mechanisms that many institutions and businesses are increasingly employing to safeguard against fraud and improve customer service. However, there are growing concerns over the safety of personal data. This is especially worse in an era where hacking has become rampant. SocialKYC has moved in to decentralize the handling of KYC data.
What SocialKYC brings
SSocialKYC operates on KILT Protocol, a blockchain initially developed by BOTLabs GmbH. Notably, KILT Protocol itself operates on the Polkadot ecosystem. SocialKYC uses the KILT Protocol’s wallet, Sporran, to store user credentials. That’s not all-the platform gives users total control over their credentials.
Once SocialKYC verifies a user’s identity through email or social media platforms, the user takes control of the storage and management of their data. Also, they can decide the specific elements of their identifiers they want to share with online services platforms. Twitter, Github, Twitch and Discord are among the leading social platforms currently accepting SocialKYC identification. More companies and institutions could soon integrate the platform.
From brick and mortar to metaverse, there are SocialKYC use case opportunities wherever social trust is needed.”
Ingo Rübe, Founder of KILT Protocol and CEO of BOTLabs Gmbh
SocialKYC’s role is primarily to confirm the ownership of specific user accounts and provide an integrated platform for storing and managing one’s credentials. It does not retain a copy of the user’s information. The only copy of the credentials is in a user’s Sporran wallet. By doing this, users can now have peace of mind, knowing that nobody will share their credentials with third parties.
Commenting on the service, Ingo Rübe, Founder of KILT Protocol and CEO of BOTLabs Gmbh stated, “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.”
How SocialKYC works
- The first step is to visit the SocialKYC website and fill in your decentralized credentials on Sporran, a browser extension wallet. It works well on Chrome and Firefox.
- SocialKYC will prompt you to perform a few tasks to prove ownership of the associated account.
- Once you’ve verified control of the account, you will store your decentralized identity credentials on your personal wallet. Note that SocialKYC won’t retain a copy of the credentials.
- Next, you can access the information from your wallet and share them with any online platform that accepts SocialKYC’s identification system.
In case you want to allow third-party access to your credentials, you can publish them. Additionally, you can unpublish them whenever you want.
About B.T.E.( BOTLabs Trusted Entity) GmbH
B.T.E. is a blockchain-centric company, which is a subsidiary of BOTLabs GmbH. The mother company has been around since 2018 and its headquarters are in Berlin, Germany. BTE endeavors to provide blockchain-based solutions in healthcare, academia, digital identity protection, gaming and other fields.
The company’s most recognizable product in the blockchain realm is the KILT Protocol, which operates on the Polkadot ecosystem. Other notable products include the Sporran Wallet, Stakeboard and the newly-launched SocialKYC.
About KILT Protocol
KILT Protocol is a decentralized identity protection protocol built on blockchain. In 2021, the protocol became the first such blockchain to come out of the Polkadot ecosystem. It has an open-source Javascript, which is developers can use to create solutions for storage, verification and privacy for institutions and individuals. KILT Protocol aims to give users the ultimate control over their data while providing a safety net for institutions.