Civic Libre! Over 300M CVC incentive tokens available for $0 Know Your Customer (KYC) until December 2018
When we conducted our token sale in June 2017, we allocated one-third of CVC tokens to share with partners to activate our network. This August, just over a year after our token sale, we’re closing in on 100 partners. We want to build on the momentum that we’ve seen over the past year by giving more companies the opportunity to partner with Civic and put secure, trusted identity verification services in place.
Civic was founded with a strong sense of purpose: to give everyone a digital identity. We look forward to growing our ecosystem of partners and spreading the benefits of secure, trusted blockchain-based identity to companies and people around the world.
That is why we’re using the incentive token pool to offer $0 Reusable Know Your Customer (KYC), for both new and existing customers, from September 5 until the end of the year or until the incentive tokens run out, whichever comes first.
Typical Challenges with KYC
For those who aren’t familiar, Know Your Customer or KYC is a process that most businesses go through to verify the identity of clients or customers that they’re engaging in business with. It’s a way to know who you are doing business with.
The intent of KYC is straightforward; yet, the KYC process has become increasingly costly and time-consuming. In our increasingly digital world, identity theft is at an all-time high. Know who your customers are is a good thing, and with nearly 16.7 million victims of identity fraud in 2017, it’s more important than ever.
That is why organizations dedicate increasing resources to customer onboarding. According to Thomson Reuters, some major organizations spend as much as $500 million annually on KYC and Customer Due Diligence. Plus, there was a 19% in the cost of customer onboarding process in 2017 as compared to 2016. The prediction for increase in 2018 is 16%.
Reusable KYC with Civic
Civic’s Reusable KYC solution helps simplify and streamline the KYC process, for both business and individuals. With Civic, an end-user is verified once through the Civic App. The end-user can share this verification with any organization that needs to verify identity information.
- Organizations can easily obtain proof that a user’s identity has been authenticated by a trusted institution, paid for on demand, which reduces overhead costs related to compliance and fraud-prevention controls for business.
- Individuals no longer need to go through multiple onboarding and KYC processes with different companies, forms or requirements.
Civic identity verification services leverage blockchain technology to ensure that a user’s information is stored locally on their mobile device, protected by biometrics and encryption, rather than in a centralized database. It’s a win for all parties involved.