Tokenized KYC, AML, CBAT Algorand Process

Hello Algonauts,

I have an idea I would like to share with the community the idea of a tokenized KYC/AML/CBAT platform on Algorand. I think it could be a great idea but I first needed to know what you guys think. So, I was thinking and have been researching on a simpler way to do KYC for crypto apps. I have a crypto app already and KYC has been tricky because it ruins the user experience. So I was thinking of building a process that tokenizes identity, and then stores identity documents in a decentralized, on/off auditable anonymous process(could use zk-snarks while being stored in a decentralized storage platform or simple hashing algorithms to generate unique cryptographic address to prove identity during audits without having someone going through your personal identity documents). It complies with the KYC process, but ensures a privacy policy for the Algorand ecosystem, minimizing trust while also making it easy for dapps and projects on Algorand not to manage centralized databases. Saves time, and money while ensuring compliance. The only limitations I can think of this is maybe the 1 billion people in the world without identity documents who can fail to have access to the amazing Algorand ecosystem. Let me know your thoughts, thoughtful criticism, and any improvements. If you also want to collaborate, it would be awesome.

1 Like

Hello, I like this idea. We are developing an app that could potentially benefit from this. Many users do not have identify documents but we could explore other ways of confirming identify. Have you made progress on this?

Cheers,
Brad