KILT, the team behind the open-source blockchain protocol that addresses decentralized identity management, unveils its new product, SocialKYC.
SocialKYC will transform decentralized identity management
SocialKYC is an "all-in-one" solution for identity verification. In a nutshell, it verifies a user's identity in the digital world by proving control of his/her social media accounts (LinkedIn, Twitter, TikTok, Discord, Github, etc.), email address or mobile phone number.
To verify the fact that this or that social media account belongs to the person, it sends him/her a challenge. Namely, it asks the user to post a message on Twitter, send an SMS code to verify the phone number or open a hyperlink sent via email.
Meanwhile, a SocialKYC approach to sensitive personal data is quite different from the one demonstrated by Web 2.0 systems. It forgets about the users' credential once it is issued by the system.
This "credential" (decentralized personal data module) can be further utilized in a variety of use cases: from online gaming and crypto exchange to medical tests and genetic expertise.
First partners on board: Polkadex, Fractal, DeBio Network
SocialKYC will go live shortly after the KILT Protocol mainnet launch. KILT Protocol will activate its mainnet as one of the parachains of Kusama (KSM) Polkadot's infrastructure.
Ingo Rübe, founder of KILT Protocol, stresses that the protocol's team is tasked with bringing control over credentials back to users—just like in the pre-digital era:
In the real world you have control of your credentials. You have credentials in your wallet at all times; you decide who to share them with, and for what purpose, and when. Ironically we have lost this control in the digital world. SocialKYC is designed to liberate consumers, putting their digital identity back in their hands.
A number of advanced cryptocurrency services have partnered with KILT Protocol to try SocialKYC as an alternative to centralized KYC/AML instruments.
Namely, decentralized exchanges Polkadex and Fractal are implementing it for their traders. DeBio Network will utilize SocialKYC for medical data.