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Since Facebook launched in 2004 and Twitter in 2006, the way we communicate has revolutionized. With this powerful modern tool, words can spread like wild fire: millions of consumers or voters can be reached in a second, and staying superficially in touch with others separated by distance and time became easy. Although we are enjoying the boundless benefits of social networks, we have become complacent about the lack of authenticity in online identity, making it easy for people with malicious intentions to exploit complete lack of identity accountability. Anyone can create a fake profile to scam, harvest personal data, lure young children, spread false rumors, or even pit countries against one another. Particularly, dating sites are notorious for being unsafe as users can simply register under a fake name and use fake profile photos to lure innocent people.
Tourcom — a travel company creating a blockchain-based travel platform that matches independent travelers with compatible guides and travel companions (and provides customized travel schedules) — is integrating an identity verification system that links every account to a registered user to ensure every user is accountable for his/her actions. Such process of Knowing Your Customer and increasing the reliability of ID verification is referred to as KYC. Although this comprehensive system increases reliability, it is tedious, expensive, and insecure. To effectively address such problems, Tourcom will use KYC based on blockchain.
How does KYC work?
State-issued documents, such as birth certificate, social security card, or driver’s license are needed to establish a person’s identity, but they can easily be fabricated, so KYC was born to increase the reliability of ID verification. KYC’s 3 elements include 1) verification of state-issued ID which is checked with credit history databases; 2) fingerprints to verify state and corporate blacklists; 3) Viber or Skype call for face verification.
The main disadvantage of KYC is that this process has to be repeated for each business or organization that requires ID verification, making the system inefficient and tedious. As personal data is transmitted from the client to the server every time one goes through the process, the chance of personal data being intercepted by a hacker is increased.
So how does Tourcom plan to combat this problem?
Tourcom will verify the identity of all its members through “KYC system on blockchain” before they are allowed to use the platform.
Due to the nature of blockchain, users will only need to go through the KYC procedure once, and after all necessary data is stored in an immutable and cryptographically-secure blockchain-based database, third party is not needed to further verify the authenticity of the information. Thereafter, users can simply give access to the database to any entity that requires identify verification without having to go through the KYC procedure again. Not only is this convenient, but avoiding repeated transmission of personal information reduces the chance of it being intercepted by a hacker. Additionally, due to the immutable nature of blockchain, the security of personal data is enhanced by making it impossible for anyone to tamper with the data stored on blockchain.
Further, traditional KYC procedure is typically carried out by a centralized entity in which case this entity has full control over how the data is collected, stored, and used, which could lead to unethical use of data and human error. However, by integrating blockchain, the system will be based on decentralized distribution, removing the risk of centralized power and thus increases protection against human error and fraud.
The transparent, immutable, and decentralized nature of blockchain will resolve problems associated with traditional KYC and ensure the safest environment for Tourcom platform users to meet new people.
Tourcom is a well-grounded company established in 2007 with an unprecedented concept of “travel-now-pay-later. This company, that records 20 million dollars in yearly sales will be engaged in a reverse ICO in July 2019 to raise funds to expand its existing services by leveraging blockchain technology. Utilizing company’s wealth of experience, global network, and vast amount of database, the company is creating an innovative AI-based travel platform for independent travelers to enrich their travel experience by helping them easily find compatible travel companions, local guides, and customized schedules that reflect travelers’ interests. With over 130,000 existing members, Tourcom ecosystem is expected to take off with ease.
To learn more about this project click here.
Tourcom homepage: tourcom.io
Telegram online community: https://t.me/tourcom_blockchain_official
Related article: https://joind.io/english?id=98
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