Next, we talk about how a KYC process using SelfKey looks like for all parties involved in a Token Sale, and why this new functionality is a win-win-win solution for both Token Issuers, Token Purchasers and also for SelfKey.

For Token Issuers

Token issuers using our Quick-KYC B2B software can automate KYC processes, for a fast and reliable checking. Allowing to contrast an identity document authenticity through video and biometric matching, to make sure that it belongs to the applicant.

Furthermore, through OCR (Optical Character Recognition) our software extracts identity data from scanned identity documents and automatically screen this data against various sanctions and PEP lists such as those from OFAC, EU and UN to make sure that they are not onboarding any sanctioned person.

All this process occurs in the backend and does not require action by compliance officers. A risk score is assigned to each applicant based on the results obtained, allowing to fully automate the process based on these scores or on a specific identity attribute, such as nationality or residence. With this technology, the token issuer may only need to manually review KYC cases with a certain risk score.

The entire process is recorded and maintained with a pristine audit trail backed by blockchain hashes, making sure that no data is tampered.

This automation allows token issuers to streamline processes that are currently slow while allowing token purchasers to be verified in a very short time.

For Token Purchasers

Currently, for token purchasers using our KYC software, the registration process can be completed in a matter of minutes, but still presents some frictions, as it still requires uploading documents and identity data.

In order to remove these frictions, we are enabling the SelfKey Wallet. The wallet is a desktop application, with which users can create their SelfKey ID (KYC profile), store it on their machine and share it to access a product or service, such as a Token Sale.

But going one step further, at SelfKey, we are working on another instant sign up option: The Log in with SelfKey Button & Browser Extension.

The browser extension will be connected to your Identity wallet and will allow to instantly sign up to Token Sales through the LWS Button, which will be placed in the Token Sale website.

Once you have created your SelfKey ID (KYC profile) and installed the SelfKey extension in your browser, you will simply have to press the LWS Button and allow the Token Issuer to access your identity data.

Through the Log in with SelfKey Button & Browser Extension, you will only need two clicks to complete the entire Token Sale KYC process.