Blockchain-based, 100% automated KYC (Know Your Customer) service

Projektinformationen

BlockchainKYC

ID Finanzhilfevereinbarung: 774802

DOI

10.3030/774802

Projekt abgeschlossen

EK-Unterschriftsdatum 19 Juni 2017

Startdatum 1 Juli 2017

Enddatum 30 November 2017

Finanziert unter

• Secure societies - Protecting freedom and security of Europe and its citizens

Gesamtkosten

€ 71 429,00

EU-Beitrag

€ 50 000,00

Koordiniert durch

AUTHENTEQ EHF
Iceland

Periodic Reporting for period 1 - BlockchainKYC (Blockchain-based, 100% automated KYC (Know Your Customer) service)

Berichtszeitraum: 2017-07-01 bis 2017-11-30

Zusammenfassung vom Kontext und den Gesamtzielen des Projekts

Use of Internet based services provide huge benefits to the economy making all communication and commerce more efficient and effective but it is now facing great threats in the form of identity fraud fed by international data breaches.
Identity theft and fraud have been around for a long time, but its impact and magnitude continues to rise every year. Furthermore, the growing number and severity of breaches damage customer confidence in online services and e-commerce.
Authenteq has developed a smartphone-based 100% automated and tamper-proof online identity verification service, Authenteq ID, which uses multifactor biometric authentication, to meet the needs of all web based services that benefit from secure ID verification. The Authenteq ideology is based on the premise that the user should be in full control of his identity – in line with what has been proposed as a self-sovereign identity. This premise is fulfilled by utilizing the highest level of cryptographic and blockchain technologies. Authenteq’s distinctive approach to data ownership, backed by the highest level of assurance provided by government-issued documents, holds the potential to revolutionize the identity proofing industry, especially in online environments.

Arbeit, die ab Beginn des Projekts bis zum Ende des durch den Bericht erfassten Berichtszeitraums geleistet wurde, und die wichtigsten bis dahin erzielten Ergebnisse

During the feasibility study of Phase 1 we gathered tremendous amount information and uncovered invaluable knowledge and understanding some of which are the following:
We found that the market is even larger than first expected and the need for a highly secure and individualised identity proofing and verification is enormous.
We have identified all our main assets and strongly reinforced our IPR position
Working with our Pilot study partner, we gathered vital information about the procedures of integrating and operating our solution in a real live environment as well as gaining the end user experience.
The market analysis gave us tools to sharpen our approach and focus on market sectors where we have identified the strongest need and willingness to cooperate based on obvious mutual benefits.

Fortschritte, die über den aktuellen Stand der Technik hinausgehen und voraussichtliche potenzielle Auswirkungen (einschließlich der bis dato erzielten sozioökonomischen Auswirkungen und weiter gefassten gesellschaftlichen Auswirkungen des Projekts)

Going through all the intense tasks in the Phase 1 Feasibility study we are now well equipped with the knowledge to develop a realistic business plan and clear vision for effective go-to-market roadmap.
We have attracted the interest of 3 companies in different markets who are willing to participate with Authenteq during Phase 2. This will give us the opportunity to fine tune our technology in real life situation as well as sharpen our business model.

Authenteq app