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New Blockchain Project to Use Telegram as KYC

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Sankt-Petersburg, Russia, April 14, 2018: Telegram application icon on Apple iPhone X screen close-up in jeans pocket. Telegram app icon. Telegram is an online social media network. Social media app. Source: shutterstock.com

Telegram has been at the forefront of blockchain revolution — whether it is via an ICO or getting banned in some locations, only to recoup via virtual private networks (VPNs). Now, another blockchain service provider is cashing in on the popularity of this platform to verify users. ICOadm.in, a secure software service designed for ICO crowd sales, will be using Telegram Passport to verify the identity of its users.

What Is Telegram Passport?

Together with Sum&Substance, a KYC-provider, ICOadm.in has launched a Telegram Passport service that will be available to everyone in the crypto community who uses Telegram. This will help in fulfilling KYC procedures for the users within just one to three minutes. Similar requests would earlier take days to fulfill on any network. The artificial-intelligence-based system will conduct several checks needed by regulators for users within seconds.

To complete this process, a user will need to upload an ID confirmation, a place of residence and a selfie onto the Telegram service. The details will be saved by the service, and the user will never have to go through the verification process on any platform ever again. If he signs up for a service that demands KYC, Telegram will simply ask for the user’s permission to share data. If the user chooses, the information will be processed automatically.

What About Data Safety?

The company claims that the users’ documents will never be accessed by a third party. They will be saved on the cloud, and no company employees or people involved in the process will have access to them. ICOadm.in also claims that their data are impossible to transfer as they also come with Telegram encryption, and only the user will have the key for their information. Data can only be transferred when a user explicitly consents to share it with the platform.

ICOadm.in is an ICO service provider company that helps in creating custom smart contracts for coin crowd sales and also audits smart contracts. As it facilitates coin offerings, the addition of Telegram verification will help reduce the burden on its systems while eliminating delays in processing time. The question of security of user data remains the most important concern for the users as of now. It will be interesting to note how the company successfully tackles security concerns.

New Blockchain Project to Use Telegram as KYC was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.