Multi Sign

An easy, secure, and private solution to KYC data. Customer does KYC procedure only once and gets a token representing data encrypted (with government-issued ID) and stored on a private blockchain.

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Description


1. PROJECTS QUESTIONS

Answers to question in this chapter are mandatory!



Please describe the proposed solution:
Today, if a customer wants to open an account with 2 banks, he has to go through 2 identical KYC procedures and provide the same data to both banks. The same process is repeated for the third bank and so on.
Our solution will enable customers to do the KYC procedure only once at the first bank and then share the data with the second, third, and any other bank that he wants to do business with. Data will be encrypted using a government-issued digital ID card and can't be decrypted without the customers' presence and ID card. Data will be stored in the private permissioned blockchain with nodes belonging to banks and government institutions.
How does it work?
The customer goes to the bank to open an account (or in the future goes to the bank's website). He provides the necessary data and signs/encrypts the data using a digital ID card. Encrypted data is stored in the private permissioned blockchain and the customer is given a token (similar to NFT) representing the address of his data on the blockchain. When opening an account with the second bank, the customer just provides the token address, and when the bank downloads the encrypted data, the customer proved the ID card to decrypt it.
The data is controlled by the customer and without the ID card, no one can read the data. With the ID card provided, the data can be read within seconds.







In which stage of the development is your idea?

Just an idea





How does your idea contribute to the improvement of financial services in Western Balkans 6 region?


This idea makes starting a business relationship with a new bank as easy as paying with a credit card. It also provides privacy and security for the customer data with a fully GDPR-compliant solution.



What technologies does your idea rely on (please also specify programming

languages and frameworks)?

The idea relies on private blockchain technology on the backend (Hyperledger Fabric) and React (Javascript) on the front end.






How does your idea contribute to the fraud and cybercrime prevention?
All data is signed and encrypted using a government-issued digital ID card. These cards are very hard to forge and do identity theft and similar fraud activities.




Describe the activities of team members so far from this Hackathon’s topic domain.:
The team has more than 20 years of development experience in different domains, 20 years of sales experience, and 15 years of banking experience.






How would you use the funds received from the prize fund?
We would use the funds to develop a production-ready solution, custom proof of concepts for several banks, and promotion of the solution.







2. BUSINESS MODEL CANVAS

Answers to question in this chapter are not mandatory. 

If you want your project description to be of better quality, we recommend that you answer as many questions as possible.



KEY PARTNERS

Who are our Key Partners?

Our key partners are banks.

Who are our key suppliers?

We would use open-source solutions, so we will not have classical suppliers.

Which Key Resources are we acquiring from partners?

We are relying on open-source solutions.

Which Key Activities do partners perform?

Maintenance and future development of platforms.








KEY ACTIVITIES

What Key Activities do our Value Propositions require?

Our Distribution Channels?

We will distribute directly to banks.

Customer Relationships?

We will develop close relationships with banks.

Revenue streams?

Setup fee, development change requests, and maintenance fees.








KEY RESOURCES

What Key Resources do our Value Propositions require?

Our Distribution Channels? Customer Relationships?

Revenue Streams?

(Types of resources: Physical, Intellectual, Human, Financial)








VALUE PROPOSITIONS

What value do we deliver to the customer?

For the end customer, we provide a private, secure, and easy-to-use solution.

Which one of our customer's problems are we helping to solve?
Customers don't want to do KYC procedures with every bank.
Customers want to control how their data is shared.

What bundles of products and services are we offering to each Customer Segment?

Which customers needs are we satisfying?

Speed, security, privacy.








CUSTOMER RELATIONSHIPS

What type of relationships does each of our Customer Segments expect us to establish and maintain with them?

Which ones have we established?
We will establish relationships with banks as service providers.

How are they integrated with the rest of our business model?

There is no business model without cooperation with banks.

How costly are they?








CHANNELS

Through which Channels do our Customer Segments wants to be reached?

How are we reaching them now?

How are our Channels integrated?

Which ones work best?

Which ones are most cost-efficient?

How are we integrating them with customer routines?







CUSTOMER SEGMENTS

For whom are we creating valve?

Who are our most important customers?

Our most important customers are companies that want to have accounts with several banks.






COST STRUCTURE

What are the most important costs inherent in our business model?

Development costs, business development costs.

Which Key Resources are most expensive?

Which Key Activities are most expensive?

Developing relationships with banks.

(Fixed Cost [salaries, rents, utilities], Variable costs, Economies of scale, Economies of scope)











REVENUE STREAMS

For what value are our customers really wiling to pay?

Privacy, security, ease of use.

For what do they currently pay?

How are they currently paying?

How would they prefer to pay?

Final customers are not paying. The service would be paid by the bank.

How much does each Revenue Stream contribute to overall revenues?
Overall revenues are related to fees provided by the banks.












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