Traditional KYC/AML (Know Your Customer/Anti-Money Laundering) relies on centralized authorities collecting and verifying user data. This raises concerns about:
- Privacy & Security: Centralized entities hold vast amounts of sensitive data, vulnerable to breaches and misuse.
- Trust: Users have limited control over their data and rely on authorities’ trustworthiness.
- Access: Excluding individuals without access to traditional verification methods from financial services.
- Transparency: Lack of clarity and potential bias in verification processes.
Trustless KYC/AML aims to:
- Empower users: Give individuals control over their KYC data and verification process.
- Enhance privacy: Minimize data collection and exposure with cryptographic techniques.
- Increase accessibility: Enable broader participation in financial services.
- Promote transparency: Establish clear and verifiable KYC/AML protocols.
Question:
- Is it possible to built feature like this on Internet Computer by leveraging current tech stack ?
- Does Dfinity already have this on their plan? Or is there any project in the ecosystem currently working on this?