The internet has given the ability to anyone to become anonymous. On the other hand, users are very careless about the information trail they leave. This creates two situations: One, a person’s reliable information is not available, creating doubts and mistrust when it comes to trades and other functions where trust is central. Two, the identification tools and systems used for ID verification is in the hands of third parties who have total and complete access to the information, leaving people vulnerable.
Persona, Fixing Broken KYC
Today, the KYC procedure is in turmoil. Documents that are sent for verification can be intercepted or even hacked from the server and sensitive information can be used against its own owner. This can be a great issue if money is involved. Even opening a bank account means providing information such as ID, passport and other documentation that contains sensitive personal data. This data, in the hands of people with ill intent, can not only access the bank account, but siphon off funds, open other accounts that the original person is not aware of and conduct businesses that are detrimental in nature.
Persona is a blockchain based identity management system that uses cryptography to ensure that KYC is done in a secure and smooth manner. The platform, instead of relying on market available or off the shelf blockchain systems, has developed is own blockchain ecosystem. The platform offers unique features such as:
- Two Factor Authentication: Ensuring that only the owner of the data has access to the records
- Safe: The power of blockchain means that security is top of the notch.
- Custom Built Blockchain: Designed specifically for storage of personal data of sensitive nature.
- Easy Interface: A friendly user interface on the web for all users to access and easily understand.
- Mobile App: For people to access their data on the go.
With the user data saved in a decentralized manner, Persona eliminates the chance of a hack or a server crash and personal data is available at all times to its users. Furthermore, using blockchain means that even the Persona organization does not have access to the information, truly making persona data, personal.
Fintrux: Easy Loans
In a world where every loan you get is determined by the lender, with strict rules and high interest rates, small loans are hard to get. Further, the lenders prefer stable markets and a high level of trust, since it is their money that is at risk.
Fintrux is another decentralized platform that allows anyone to easily acquire loans. The blockchain platform has created an ecosystem in which it allows world wide peer to peer lending. It offers:
- Open System: Engaging in a number of secure KYC and AML agencies, it gives lenders an opportunity to know more about loan takers, ensuring them that their investments are safe.
- Rating System: With lenders and borrowers rating each other after the completion of every loan and return, the platform creates a rating of reputation, allowing lenders and borrowers to know about each other before committing to a loan.
- Smart Contracts: With the power of smart contracts, loans are transferred to the borrower as soon as the contract is executed. Returns are also immediately transferred through the same principle. This cuts down on the delays and saves both parties significant time.
- Lower Fee: The platform cuts down on intermediaries in obtaining and settling loans. These middle men would otherwise take a cut, increasing the interest rate or cutting down in the profits to be made.
- Automatic Matching: With the platform automatically connecting suitable lenders and borrowers, the users do not have to wait or search for suitable partners to work with, further decreasing time in getting a loan.
Persona And Fintrux Partnership
Persona and Fintrux have paired up to provide a cost effective and secure KYC procedure for Fintrux users. With the ID management platform providing ID verifications for Fintrux users, they can be verified on the loan platform and get their required loans easily.
On the occasion, Conrad Lin, co-founder of Fintrux said, “FintruX Network is actively exploring how Persona can be involved in our initial pilots based in Singapore and US. We are excited to see how Persona’s services will enable us to better respond to our customer’s needs by rapidly verifying the identity of borrowers on our platform.”
Co-founder Persona, Stefan Neagu said, “We’re looking forward to work with FintruX and provide their clients with the solution Persona creates for identity management, With Persona, individuals are claiming their identity back, validation and verification is performed by the same community who at any given moment can store or copy any of the personal details.”
Since Fintrux is actively seeking out KYC and AML partners, who would create an identification and authenticity of its users, it was natural for them to team up with another blockchain company such as Persona.
Now, anyone can easily obtain or give loans in easy and timely fashion.
Visit Persona.im for more information.
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