{"id":961,"date":"2019-03-31T12:38:13","date_gmt":"2019-03-31T12:38:13","guid":{"rendered":"https:\/\/frslabs.com\/frsblog\/?p=961"},"modified":"2019-03-31T12:40:06","modified_gmt":"2019-03-31T12:40:06","slug":"kyzo-groundbreaking-digital-kyc-brings-formidable-form-shape-and-gravity-to-solving-the-worlds-kyc-crisis","status":"publish","type":"post","link":"https:\/\/www.frslabs.com\/frsblog\/2019\/03\/31\/kyzo-groundbreaking-digital-kyc-brings-formidable-form-shape-and-gravity-to-solving-the-worlds-kyc-crisis\/","title":{"rendered":"KYZO \u2013 Groundbreaking Digital KYC \u2013 Brings formidable form, shape and gravity to solving the world\u2019s KYC crisis."},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"color: #ae0a38;\"><strong>Lack of identity is an impediment for people to exercise their basic democratic and human rights. Digital identification can help overcome barriers to participation (World Bank Report, 2016).\u00a0<\/strong><\/span><\/p>\n<p>\u2018Know Your Customer\u2019 or \u2018KYC\u2019, follows a common man like a shadow for a range of rights and services. Insurance, investment, health, education, social welfare and financial services: one cannot get past without KYC. Yet, existing KYC processes are onerous with paperwork, intrusion and delays at best, and outright exclusion at worst. Incumbent KYC methods rely heavily on centralised cloud storage, national identity infrastructures such as Aadhaar or paper KYC. Centralised KYC services are the subject of prolonged legal scrutiny marred with privacy concerns and paper KYCs are just not cool anymore.<\/p>\n<p><span style=\"color: #ae0a38;\"><strong>The developing world is home to more than 6 billion of the world\u2019s 7 billion mobile subscriptions, making this a technology with considerable potential for registration, storage, and management of digital identity (World Bank Report, 2016).<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/digilocker.gov.in\/\">DigiLocker<\/a> is a fine example of holding digital identities on mobile devices. It requires a one-time registration to pull documents from issuers directly to your device. There are, however, two fundamental issues with such applications. First: the documents are held in a central storage seeded through a single identity number leading to privacy concerns, thereby dissuading citizens from mass adoption. Second, and the more pressing one, is that these digitally held identity documents cannot easily be shared with service providers, when needed.<\/p>\n<p>Imagine this example: A customer walks into a Bank to open a new account. The customer says he has ID documents in DigiLocker. The Banker requests the user to share a copy of these documents. And it hits them both. The Banker can view the documents in the customer\u2019s device but the same cannot be transferred to the Bank to maintain a \u201ctrue copy of the original\u201d as required by regulation.<\/p>\n<p><span style=\"color: #ae0a38;\"><strong>Identity should be a public good \u2013 for consumers. And identity verification should be simple and seamless \u2013 for businesses. This is what Kyzo solves.<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/kyzo.app\">Kyzo<\/a> is a free Digital KYC app for consumers that allows them to scan and store any officially valid ID, photo and other relevant identity documents. Cutting edge OCR and computer vision technology will automatically extract the ID details and pre fill an identity form for later use by the Customer.<\/p>\n<p><span style=\"color: #ae0a38;\"><strong>The documents in Kyzo stays in the customer\u2019s phone (encrypted) and is never transferred or backed up to the cloud, putting to rest the threat of mass hacking, leaks and privacy concerns.<\/strong><\/span><\/p>\n<p>At the point of sharing KYC (say to open a Bank Account), the customer simply scans the unique QR generated by the Bank, consents to share the identity data and authenticate using a PIN. The data seamlessly transfers to the Banker\u2019s App. The data transfer is done offline such that no network connectivity is needed making it convenient to work even in the remotest parts of the world.<\/p>\n<p><a href=\"https:\/\/frslabs.com\/frsblog\/wp-content\/uploads\/2019\/03\/kyzo-accepted-here.jpg\"><img loading=\"lazy\" class=\"aligncenter wp-image-962 size-large\" src=\"https:\/\/frslabs.com\/frsblog\/wp-content\/uploads\/2019\/03\/kyzo-accepted-here-750x400.jpg\" alt=\"\" width=\"750\" height=\"400\" \/><\/a><\/p>\n<p><span style=\"color: #ae0a38;\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Any sufficiently advanced technology is indistinguishable from magic \u2013 Arthur C. Clarke<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>About FRS Labs<\/strong><\/p>\n<p>FRSLABS \u2013 on a mission to break down financial barriers for humanity \u2013 is an award-winning research and development company specialising in digital identity and fraud prevention solutions. Learn more at https:\/\/frslabs.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lack of identity is an impediment for people to exercise their basic democratic and human rights. Digital identification can help overcome barriers to participation (World Bank Report, 2016).\u00a0 \u2018Know Your Customer\u2019 or \u2018KYC\u2019, follows a common man like a shadow for a range of rights and services. Insurance, investment, health, education, social welfare and financial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KYZO<\/title>\n<meta name=\"description\" content=\"KYZO - Your Digital KYC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.frslabs.com\/frsblog\/2019\/03\/31\/kyzo-groundbreaking-digital-kyc-brings-formidable-form-shape-and-gravity-to-solving-the-worlds-kyc-crisis\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shankar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.frslabs.com\/frsblog\/#website\",\"url\":\"https:\/\/www.frslabs.com\/frsblog\/\",\"name\":\"FRS Labs\",\"description\":\"Manage Privacy | Verify Users | Prevent Fraud\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.frslabs.com\/frsblog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.frslabs.com\/frsblog\/2019\/03\/31\/kyzo-groundbreaking-digital-kyc-brings-formidable-form-shape-and-gravity-to-solving-the-worlds-kyc-crisis\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/frslabs.com\/frsblog\/wp-content\/uploads\/2019\/03\/kyzo-accepted-here-750x400.jpg\",\"contentUrl\":\"https:\/\/frslabs.com\/frsblog\/wp-content\/uploads\/2019\/03\/kyzo-accepted-here-750x400.jpg\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.frslabs.com\/frsblog\/2019\/03\/31\/kyzo-groundbreaking-digital-kyc-brings-formidable-form-shape-and-gravity-to-solving-the-worlds-kyc-crisis\/#webpage\",\"url\":\"https:\/\/www.frslabs.com\/frsblog\/2019\/03\/31\/kyzo-groundbreaking-digital-kyc-brings-formidable-form-shape-and-gravity-to-solving-the-worlds-kyc-crisis\/\",\"name\":\"KYZO\",\"isPartOf\":{\"@id\":\"https:\/\/www.frslabs.com\/frsblog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.frslabs.com\/frsblog\/2019\/03\/31\/kyzo-groundbreaking-digital-kyc-brings-formidable-form-shape-and-gravity-to-solving-the-worlds-kyc-crisis\/#primaryimage\"},\"datePublished\":\"2019-03-31T12:38:13+00:00\",\"dateModified\":\"2019-03-31T12:40:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.frslabs.com\/frsblog\/#\/schema\/person\/44aa0b93c2b856fcc15543185e8dbf3d\"},\"description\":\"KYZO - 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