TRACETO.IO: REVOLUTIONIZING KYC WITH THE AID OF BLOCKCHAIN TECHNOLOGY AND ARTIFICIAL INTELLIGENCE

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If you have never been a victim of data manipulation or identity manipulation, then you may not understand the true importance of KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. Day in day out we hear or see Individuals lamenting how they have been scammed with another person's identity, this is becoming a trend in this current era, thus the need of combat against it.
Yes, KYC and AML are very important but a study has shown that most organizations shy away from it owing to the costs associated with it. Top organizations can freely tackle the associated cost while growing organizations can't.
The issue is not performing KYC but making sure that the data collected is secured and protected, this is one shortcoming associated with centralized systems, thus most times users data are still leaked.
In order to fully ensure that KYC and AML regulations are kept at the same time ensuring data protection gave rise to the creation of a platform unique in all ramifications, a platform called TRACETO.IO.
Traceto.io is a platform with the aim of providing KYC solutions to the crypto space with the aid of smart contracts and artificial intelligence.
With the platform built on blockchain technology, traceto.io aims to bring a transformative change to e-KYC process thus connecting physical and virtual KYC processes.

WHAT IS KYC?

KYC can be seen as a process by which organizations, companies etc prove to regulating bodies that beyond a reasonable doubt, that they have accessed individuals prior to and throughout business relationships with the individual in question of the following risks;

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): AML guards against the flow of ill-gotten funds through the financial systems. While CTF guards against the flow of funds through the financial system to terrorist organizations.
Product Suitability: Guards against the sale of certain products to individuals lacking the required access to the product in question.
Credit Worthiness: This guard against the extension of lines of credit and margin to customers who might not be able to meet up.

THE CHALLENGES LIMITING THE CURRENT KYC PROCESS

The effectiveness of the current KYC process among crypto-related organization has been limited due to the following;

Most organizations believe that by being anonymous, there is no need to comply with AML and CTF regulations.
Owing to the costs associated with KYC regulations, most organizations tend to make it an option rather than a top priority.
Due to insufficient funds or budget and no trained personnel, most organizations still believe it's expensive and unachievable.

SOLUTION OFFERED BY TRACETO.IO

Traceto.io believes that by asking certain questions, an organization will be able to know their customers well.
Questions like;

Who are you? This deals with verification of identity such as passport, National ID card etc.
Who are you not? This deals with exposing fraudsters, terrorists, Politically Exposed Persons (PEP) etc.
Are you still who you say you are? This deals with continual verification of customers as identity can change with time.
What did you do? This deals with keeping a well-articulated report on customers and their source of funds.
Thus Traceto.io solves the issues with the current KYC process by;
Developing a network totally based on the current KYC framework, thus meeting the need of real-world regulations.
Providing a continuous due diligence process which is workable and demonstratable to regulators.
Promoting regulatory inclusion with the aid of smart contracts and AI.
With this, traceto.io Network provides the first real-world KYC solution for the virtual world.

TRACETO.IO TOKEN

Traceto.io token T2T is an ERC20 token built on Ethereum blockchain. It is a utility token with the total supply of 1,000,000,000.
T2T is used for traceto.io's smart contracts and as a form of payment when components of traceto.io are used outside the platform.
T2T can also be used by clients and partners and also as a medium of exchange between participants of traceto.io Network.

TOKEN SALE DETAILS

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CONCLUSION

Traceto.io is a self-sustaining decentralized network comprising of AML, CTF and KYC solutions which are achieved by the combination of smart contracts and artificial intelligence, thus encouraging users to protect their data at the same time complying with regulatory bodies.
Traceto.io platform is backed by a team with years of compliance and Regtech experience, having a good track record of providing KYC solution.
With the community and machine intelligence, traceto.io aims to revolutionize KYC.