What is KYC?

What is KYC?

“Know your customer,” it’s a concept every business wants to be adept in. It’s the difference between a shot in the dark and a shot in the day. You know what you’re looking for, so your aim will be more accurate.

In the blockchain world, this is a powerful concept. As banks and cryptocurrency companies can see customer activity and study their purchase history, it can give them a better experience. The challenge is, streamlining this process so you can shorten the times between effective marketing and another purchase. 

Thanks to crypto blockchains, every activity is logged in, and the data is spread around the world. This should make it less easy to hack, and keep users more protected. But it can also give money launderers a cloak of protection. That is why blockchain ledgers make this form of money transaction, great for monetary control, and weed out criminal activity.  

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If somebody bought something that is completely out of the ordinary, the ledger would pick it up, and you could have an automated alert sent to your account. Being able to catch fraudsters and thieves in the act, and actually have proof of stolen currency, gives customers far more security than wire transfer services. 

The future for crypto is very optimistic as secure real-time transactions will become the new norm in a few years. This is great for businesses who want to understand their expenses and expenditure habits and cut down on wasteful spending. 

 

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