Reusable KYC for OnRamps

We are building a privacy centric KYC credential solution for on-ramp companies. Users only have to undergo the usual KYC for the first time, subsequently they can reuse the credential.

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Inspiration

The inspiration stems from our own experiences as end users trying to access crypto services such as on ramps and centralized exchanges. We have the frustration of having to go through the lengthy KYC process multiple times when accessing different platforms. This leads us thinking, why can't we build a privacy centric reusable KYC solution that could help end users access these services in a more user-friendly way?

What it does

We built a reusable KYC credential solution. Once an end user completed the KYC process for the first time, they received a verifiable credential from the KYC provider that proves that they have been verified. For subsequent reverifications, the end user can simple present the verifiable credential. There are similar projects out there, but what differentiates us is that we also built a payment gateway to incentivize KYC providers to issue these reusable credential to the end users. KYC providers are paid a small verification fee each time a credential it issued is being verified. These verification fee is paid by the verifiers.

How we built it

We used the decentralized identifiers and verifiable credentials standard to build the reusable KYC solution. It is built in Javascript. We use the Trinsic mobile wallet (an open-to-use digital identity wallet) to store these verifiable credentials. For the payment gateway to incentivize KYC providers, it is a smart contract written in Solidity and deployed to Hedera using Hethers.js.

Challenges we ran into

We are rather new to the Hedera ecosystem. Previously, we have experience working on Solidity and ethers.js, however certain things work differently in Hedera, such as deploying contracts, client side integration using a browser wallet and getting test accounts. However, we had a really insightful session with Hedera's developer relations engineer, Ed Marquez, who helps us get on our feet to use these tools.

Accomplishments that we're proud of

We managed to build an end-to-end reusable KYC solution, together with a smart contract that forms the payment gateway for credential issuers.

What we learned

We learnt a lot about the Hedera ecosystem and the competitive advantages that it brings compared to other L1 blockchains. Hedera also has a strong decentralized identity ecosystem which could help us further work on this project even post-hackathon.

What's next for Reusable KYC for OnRamps

We are hoping to pilot our solution with crypto services or DeFi protocols who are interested in trialing a reusable KYC solution to streamline their customer onboarding process.

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