The partnership could allow KILT’s identity verification service, SocialKYC, to be publicly audited on a blockchain ledger. Integritee is teaming up with KILT, a blockchain identity protocol. The partnership could allow KILT’s SocialKYC service to be publicly audited by users. KILT recently secured a Kusama parachain slot and launched mainnet, and will soon be fully decentralised.
“Know Your Customer” is the registration process that consumers need to undergo to access services such as opening a bank account, or signing up on an exchange. Users are required to verify their identity, typically by providing scans of physical documents such as passports or utility bills, which are then stored on centralized servers.
With SocialKYC, KILT is taking a new approach to this process, by enabling users to verify their identity by proving that they control their social media accounts and email addresses. This is achieved by issuing a challenge to the user such as posting a specific code on one of their social accounts or clicking on a link in an email. SocialKYC then sends a verifiable credential to the user that remains in their control and can be presented to third parties to validate their identity. Unlike standard KYC processes, this verification procedure involves no centrally stored data.
Through this integration with Integritee, SocialKYC could be run in a trusted execution environment (TEE), which ensures the authenticity of the SocialKYC code. In addition, third parties could verify that SocialKYC is not storing any customer data.