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AKcess Brings Its Blockchain-Based Digital ID Solution To Kuwait

Designed to make both paper and online forms obsolete, AKcess uses nothing but a smartphone app to collect and validate KYC data.

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akcess brings its blockchain-based digital id solution to kuwait

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 That’s because the so-called Know Your Customer (KYC) process often relies on outdated technology and inefficient manual processes.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.

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Facebook Will Create 10,000 Jobs In The EU To Build Its Metaverse

Facebook decided to invest in the EU because the company believes that European talent is world-leading, supported by first-class universities.

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facebook will create 10,000 jobs in the eu to build its metaverse
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Facebook has announced that it wants to create 10,000 jobs in the European Union (EU) to build its metaverse, a virtual reality space in which users can interact with a computer-generated environment and other users.

The concept of the metaverse can be traced to Neal Stephenson’s 1992 cyberpunk novel Snow Crash. In the novel, the metaverse is a virtual shared space that appears to its users as an urban environment. This space is accessed through personal terminals connected to virtual reality goggles.

Sound familiar? That’s because the metaverse is quickly becoming a reality thanks to companies like Oculus, a subsidiary of Facebook, and the combined effort of developers and content creators from around the world.

By creating thousands of new high-skilled jobs within the EU over the next five years, Facebook wants to accelerate the development of the metaverse to usher in a new phase of interconnected virtual experiences, enabled by technologies like virtual and augmented reality.

“At its heart is the idea that by creating a greater sense of ‘virtual presence,’ interacting online can become much closer to the experience of interacting in person,” said Nick Clegg, Facebook’s vice-president of global affairs. “The metaverse has the potential to help unlock access to new creative, social and economic opportunities”.

According to the official announcement, Facebook decided to invest in the EU because the company believes that European talent is world-leading, supported by first-class universities. Facebook also mentioned the role European policymakers are playing in shaping the internet, so it’s likely that the investment has a political dimension to it.

Also Read: How To Lock Your Facebook Profile (From Mobile & Desktop)

Aware of its tarnished reputation, the social media giant stressed that no single company would own and operate the metaverse — just like no single company owns the internet today. Of course, that doesn’t change anything about the fact that Facebook wants to play a huge role in it.

Earlier this year, Mark Zuckerberg told his employees that Facebook is becoming a metaverse company with the goal of building a set of connected social apps and supporting hardware. The recently released Horizon Workrooms remote collaboration app for the Oculus Quest 2 headset can be seen as an early piece of the much larger puzzle the metaverse will become in the future.

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