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AjayEdupuganti

Hey I am on Medial • 11m

How can we solve the KYC problem that all companies face? Going back to physical verification isn’t an option with today’s tech advances.

Sajin
•

Foundation • 11m

Too much unnecessary trust issues. NFTs were created for these purposes. Centralized easily verifiable secured data owned by people. Its also easy to create non transferable NFTs. Theres no need to carry any document. But again unnecessary fears

Anonymous 4

Hey I am on Medial • 11m

How can you plainly say unnecessary trust issue?🤡 KYC is a critical point for a financial landscape.Blockchain solutions are good but come with many drawbacks, such as at scale, security is compromised a little bit, and the centralized banking system would never want decentralized solutions.

1 replies

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Sajin
•

Foundation • 11m

You misunderstood the entire post, it was nothing about 'banks' or 'finance' 🤡 I didnt talk about decentralized banking system either, centralised solution can exist inside decentralised safe database like blockchain technologies. For example: ONDC works on Solana Blockchain. Solana is the fastest blockchain, and can be easily programmed by the creator of the program, while there are several others including L2, Polygon, Aptos and others. Comprise of security is hardly an issue with so much of safety checks in place, which can protect the integrity of the system. The dark side of decentralisation was wrongly hyped against the fear of cryptocurrency dominance, which has very little to do with use of NFT technology

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eKYC IS DEAD!! You must have noticed my previous posts about KYCs for social media, dating, banking and what not! Now this is my recommendation: eKYC has often seemed unnecessary, especially with everyone signing in using mobile number Since eve

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