Self-Sovereign Identity: The Next Evolution for KYC

R3's Ivar Wiersma explains how the banking industry is moving toward a self-sovereign identity model.

Identity people

The know-your-customer (KYC) process has long been a headache for banks—it is an often complex, time-consuming, and duplicative endeavor, and it doesn’t directly provide revenue for the institution. While there have been efforts to make KYC requirements easier to handle—through the use of utilities, automation, or even enterprise knowledge graphs—it is much easier said than done.

The evolution of KYC, though, might just be self-sovereign identity (SSI) solutions, which can help overcome some of

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