What is SelfKey?
SelfKey is a blockchain-based identity platform that aims to provide a decentralized solution for managing identity data. This platform is designed to serve individuals, companies, fintech startups, and banks, aiming to provide a potentially more efficient way to handle identity verification processes, often referred to as Know Your Customer (KYC) procedures. The SelfKey wallet, a non-custodial, open-source tool, allows users to store and transmit digital assets and their digital identity. The platform also features a marketplace where users can apply for various services, such as initiating a bank account or incorporating a company, using the KEY token for payment.
How does SelfKey work?
SelfKey operates by leveraging blockchain technology and cryptographic methods to create a decentralized identity management system. The SelfKey wallet allows users to store and transmit their digital identity and assets. This wallet is non-custodial, meaning users have full control over their data. The platform also includes a marketplace where users can apply for various services using the KEY token. The traditional KYC process can be costly and unsafe due to centralized data storage. SelfKey aims to address these issues by providing a decentralized solution that aims to enhance security, potentially reduce costs, and improve the customer experience.
What are the potential use cases for SelfKey?
SelfKey offers a wide range of potential use cases, particularly in areas requiring identity verification or KYC procedures. For instance, individuals can use SelfKey to store their digital identity and assets, and apply for services such as initiating a bank account or incorporating a company through the SelfKey marketplace. Companies, fintech startups, and banks can also benefit from the platform's decentralized identity management system, which aims to enhance security and efficiency in handling identity data. Furthermore, SelfKey's non-custodial wallet can be used to store and transmit digital assets, including Non-Fungible Tokens (NFTs), providing users with a wallet for their KYC data and other assets.
What is the history of SelfKey?
The core team behind SelfKey has been working on decentralized identity solutions since 2014, with experience across various companies. The platform was developed with the goal of improving the KYC onboarding process and adhering to the ethos of Self Sovereign Identity, which advocates for individuals' rights to own and control their identity. Over the years, SelfKey has grown into a Decentralized Autonomous Organization (DAO) that continues to develop digital identity solutions.
