Community Research and Development Information Service - CORDIS

H2020

BlockchainKYC Report Summary

Project ID: 774802

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

Reporting period: 2017-07-01 to 2017-11-30

Summary of the context and overall objectives of the project

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.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

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.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

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.

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