Delivering Real People Registering In Your Markethive System: KYC, OAUTH & SMS

Posted by Deb Williams on July 27, 2019 - 3:24pm Edited 7/27 at 3:24pm

Delivering Real People Registering In Your Markethive System: KYC, OAUTH & SMS

When social networks begin combining the three points of biometrics (KYC, SMS, and OAUTH) the results are one human = one registration. Here is why:

 

What Is KYC?

“Know Your Customer” (KYC) refers to detailed and authenticated information required by financial institutions and other regulated companies before conducting business with a customer. According to Wikipedia, Know Your Customer (KYC) is the process of a business verifying the identity of its clients. KYC policies mandated by regulators globally are becoming progressively important to prevent identity theft fraud, money laundering, and terrorist financing. The process was once a simple one but now becoming an expensive nightmare for organizations and its customers due to compliance costs and the increasingly long time to complete the customer onboarding process.

As more financial institutions begin to augment their customer identification security policies, evaluation of using biometrics for KYC management is rapidly increasing. The use of biometric identification management technology for accurate customer identity verification has proven to deliver efficiency and convenience for organizations and also helps comply with government regulations to prevent identity theft and money laundering. Biometrics use intrinsic data, allowing for immutable identification and verification of people and is fast and simple. 

 

What Is OAuth?

OAuth is an open-standard authorization protocol or framework which gives applications the ability for “secure designated access.” For example, you can tell Facebook or Gmail that it’s OK for Markethive.com to access your profile or post updates to your timeline without having to give Markethive your Facebook or Gmail password. This minimizes risk in a major way. OAuth doesn’t share password data but instead uses authorization tokens to prove an identity between consumers and service providers. OAuth is an authentication protocol that allows you to approve one application interacting with another on your behalf without giving away your data. 

 

SMS - An Extra Layer

Receiving a code via SMS on your cell phone is an extra layer of security and verification to ensure the safety and identity of the user and the company. So basically it works like this; you choose an already verified email or social media account you own to sign up into Markethive. This is displayed in a floating div that appears on the page. It is then recognized by the company and their server will send you a code to the cell phone that is associated with the account you chose. It’s that simple. No passwords or email required and you’re in! 

This also negates the woeful spam traps that have been rife where everyone is negatively affected, and companies have lost business or even gone belly up by allowing a name and email to be entered instead of going through a verified social media or an email account; such as Gmail or Yahoo, etc, ensuring authenticity. 

 

Culture Of Integrity

This builds a culture of integrity, eliminating duplicate or fake accounts and hackers. Furthermore, as Markethive is built on the Blockchain it’s not centralized information. Once you have been verified by the system your information is placed in your wallet and only you receive the Key pertaining to that wallet. It belongs to you and no one else has access to your information or MHV coins you accumulate by using the platform including Markethive.  

 


 

When Markethive implements the wallets and internal exchange, then the KYC protocol will be mandatory. In the past, scanning and uploading a utility bill, passport or drivers’ license was executed by the user. Now a much more verifiable course of action is now required. A photo with the person holding their drivers' license and a signed piece of paper with Markethive and the date written on it next to the face is a foolproof way to authenticate and secure your identity, account and any transactions you administer within the Markethive system. Also, a video stating who you are maybe implemented and will be the next level to this whole process, ensuring peace of mind for you and Markethive. 

 

Conclusion

Implementing live recorded video conferencing, while scanning and comparing photo ID (govt identity cards, passport, utility bill, and bank statements) between the two parties adds a level of verification, when combined with the previous SMS and Social Networked OAUTH, delivers a real person, not a clone or a fake sock puppet. Email deliverability of 98% is achieved instead of the 50-70 percent that many systems deliver as they suffer from spam traps that are all too common in the world of automated emails. 

This is a step up from web 2.0 and the next generation where privacy, security, and autonomy are of the utmost priority with Markethive leading the way on its mission to deliver a Social Market Network of the highest integrity. 

 

ecosystem for entrepreneurs

 

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Deb Williams
Market Manager for Markethive, a global Market Network, and Writer for the Crypto/Blockchain Industry. Also a strong advocate for technology, progress, and freedom of speech.  I embrace "Change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals. 
 

Great article Deb
July 27, 2019 at 3:42pm
Thanks Scott!
July 27, 2019 at 3:45pm
Yes I am very interested in verifying contact and to me it is one of the first considerations for a preferred platform.
July 27, 2019 at 7:22pm
I am looking forward to the greater security and the fact that only Honest people will be part of Markethive in the future
July 27, 2019 at 11:14pm
Great content and article!
July 28, 2019 at 3:42am
Thanks for the insights Deb... Didn't quite understand how OAuth works, well until now. Am enlightened
It's cool no password info is actually shared so all persons can rest assured that their data is safe
July 28, 2019 at 5:03am
Thanks for the insights Deb... Didn't quite understand how OAuth works, well until now. Am enlightened
It's cool no password info is actually shared so all persons can rest assured that their data is safe
July 28, 2019 at 5:03am
Thank you, Deb. I hope markethive really has a good security system.
July 28, 2019 at 6:08am
Thanks for the great info, Deb!

With identity theft running rampant, the authentication process becomes more involved and complex. MH and all its state-of-the-art- technologies will give a definite comfort level to its members knowing that their information is being protected in the best way possible.
July 28, 2019 at 7:48am
Wow for this article.....
July 28, 2019 at 9:51am
this is the unfolding of an ecosystem that looks after its community, not just another program...we need people with an ecosystem and community mentality, and this builds the infrastructure for that to happen. Thank you Deb
July 28, 2019 at 10:11am
Interesting read
July 28, 2019 at 1:39pm
Quite informative. Thank you
July 29, 2019 at 1:01am
This will be a game changer for Markethive, no more duplicate or questionable accounts, member will know for certain that they are communicating with real people, rather than bots or spambots.
July 29, 2019 at 2:48am
good
July 30, 2019 at 1:39pm
This is the best way to keep all the scammers and hackers at bay. Plus help you build your business with real people.
July 31, 2019 at 2:37am
Real Security, Real People, Real Results, Really Impressive! :)
August 2, 2019 at 6:07am
Very good article, thanks.
August 2, 2019 at 8:01am
I appreciate your thoughts because need us more hard work implement Crypto/Blockchain technology in all over the world.
August 12, 2019 at 11:51am
Thanks
August 27, 2019 at 2:09am
The process of implementing KYC, OAuth and SMS plus the way your information is stored in your wallet to which only you have access to via your Key puts an end to the scammers & hackers accessing your account. Great post Deb, thank you.
December 11, 2019 at 8:34am
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