KILT Protocol, developed by BOTlab in Germany, made an official announcement to inform markets of the launch of SocialKYC. The new suite of tools, SocialKYC, is a decentralized identity verification service designed to regain user’s control over their own private digital identity.
The beauty of utilizing a service like SocialKYC is that users are able to manage and store their personal credentials within the platform, but most importantly, users can select which elements of their private information can be accessed by online services.
KILT Protocol Brings SocialKYC to Markets
Lets step back a little to better visualize the scope of this innovative technology.
KILT Protocol is an open-source blockchain protocol responsible for issuing decentralized identifiers and verifiable credentials. KILT becomes the middleware platform between traditional processes of trust in the real world (like IDs, passports, driving licence, etc) and the digital world.
KILT represents your identity while keeping your personal data in your possession, safe and private.
Later this year, the KILT mainnet will be launched within the Polkadot ecosystem, becoming a parachain on the Kusama network. SocialKYC will launch shortly after the KILT mainnet is fully deployed and running.
One of the key collaborators in developing SocialKYC is Galaniprojects, a Berlin-based IT consulting firm serving global clients in several areas like media publishing, telecommunications, automotive, and transport.
Once SocialKYC is launched, it will accessible through:
How Does Social KYC Work?
Within the current Web 2.0 world, users are required to provide personal credentials like email addresses and phone numbers to have access to free internet services.
These credentials are plausible of being shared between service partners and subsidiaries (fellow business partners), without users’ awareness and permission. These applications too often bypass users to access these services and authenticate user credentials.