Companies in the financial sector, as well as governments and enterprises, spend a lot of time, effort, and money verifying the identities of their customers. That’s because the so-called Know Your Customer (KYC) process often relies on outdated technology and inefficient manual processes. AKcess would like to revolutionize the KYC process using its secure digital ID solution for private and commercial use.

The solution takes advantage of blockchain technology (the same technology that powers and secures cryptocurrencies such as Bitcoin), using it to immutably store collected user data.

Designed to make both paper and online forms obsolete, AKcess uses nothing but a smartphone app to collect and validate KYC data. The submitted information can then be verified in a number of different ways, such as by taking a selfie or using a third-party verifier. When a user approaches an institution that collects KYC information, he or she can simply share it via AKcess, making onboarding effortless.

“KYC is a major challenge for all financially regulated and unregulated companies, but the bigger challenge is to update the KYC after initial onboarding of a client,” said Nehme AbouZeid, Founding member and Chief Technology Officer of Akcess, in an interview with Entrepreneur Magazine. “Using a combination of our mobile app and our blockchain network, we were able to find a solution acceptable to all parties, the regulator and the institutions.”

Also Read: New Digital ID Verification Solution Available To Turkish Fintech Apps

The blockchain-based digital ID solution could be a boon to banks, small and medium enterprises (SMEs), government organizations, educational institutions, healthcare providers, insurance companies, and more. In other words, its impact could be significant.

AKcess has recently opened offices in Kuwait, and the company also has projects underway in several other countries in the Middle East including Egypt, UAE, and Qatar.