KILT Protocol cooperates with Integrite Network, promotes the development of the SocialKYC identity tool

Web 3.0 Identity Verification Protocol KILT Protocol officially announces its partnership with Integrite Network to develop a new decentralized identity engine that will help people regain control of their digital identities – SocialKYC.

KILT protocol finds acceptance for groundbreaking identity tool SocialKYC

As Bitcoin magazine reported, KILT Protocol, the open source blockchain protocol that solves the problem of decentralized identity management, has presented its new product SocialKYC. It is an all-in-one solution for the new identity verification that protects sensitive information for users.

This partnership will allow SocialKYC to be publicly audited on a blockchain ledger. Recently, KILT Protocol raised 220,000 KSM via crowdloan from the community and became the winner of Kusama’s sixth Parachain auction slot. After that, the project will also start the mainnet and will be completely decentralized in mid-November.

Know Your Customer (KYC) is the registration process users must go through to access services such as opening a bank account or signing up for an exchange. Users need to verify their identity by providing a photo of their passport or utility bill, which is then stored on central servers.

In the meantime, the SocialKYC approach for sensitive personal data is completely different from the approach used by Web 2.0 systems. It forgets the user’s credentials when the system grants permission. With SocialKYC, KILT is taking a new approach by allowing users to verify their identity by proving that they are in control of their social media accounts and email addresses.

SocialKYC will completely solve the problem of giant companies like Facebook, Google, Twitter stealing user information to convert it into advertising revenue. From now on, all user information is controlled by the users.

This is also a challenge for users. For example, you need to post a series of codes on one of your social accounts or click a link in an email. SocialKYC then sends verifiable login information to the user, which must be presented to third parties to verify their identity. In contrast to standard KYC processes, this verification process does not include any centrally stored data.

Through the partnership with Integrite, SocialKYC can work in a Trusted Execution Environment (TEE) and ensure the authenticity of the SocialKYC code. In addition, third parties can check that SocialKYC does not store any customer data.

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