Reusable Credentials - One Click KYC

Togggle’s decentralized KYC (Know Your Customer) is an innovative approach to the traditional KYC process, which involves collecting and verifying customer information to comply with legal and regulatory requirements. Here's a simplified explanation of how reusable credentials in a decentralized KYC system works:

1. Initial Verification:

   • When a user first interacts with a company that requires KYC verification, they undergo a standard verification process. This could involve submitting identification documents, proof of address, and other required information.

2. Credential Issuance:

   Once the user's information is verified, is encrypted, sharded and stored in a secure, decentralized manner, often on a blockchain or a distributed ledger, ensuring they are tamper-proof and owned by the user.

3. Data Ownership and Control:

   The user has control over their digital credentials. They can choose who to share their credentials with and can manage permissions through a simple interface.

4. Reuse of Credentials:

   • When the user interacts with a new company requiring KYC verification, they can share their previously verified credentials instead of going through the verification process all over again.

5. Benefits:

   • Time-Saving: Reusing credentials can significantly speed up the KYC process for users and companies.

   • Cost Efficiency: Companies save resources as they don’t have to repeatedly conduct the same verification processes.

   • Privacy Enhancement: Users share only the necessary information, and the decentralized nature of the system can provide better data privacy and security.

6. Interoperability:

   • The decentralized KYC systems are often designed to be interoperable, allowing various companies and platforms to utilize the same set of reusable credentials, fostering a seamless user experience across different services.

This setup creates an ecosystem where KYC processes become more user-centric, efficient, and privacy-preserving, with the ability to reuse verified credentials across multiple platforms and services.