Why DIRO technology is essential for crypto-currencies to go mainstream?
Core issue with crypto / stable-coins
The biggest unsolved issue with crypto is
- its abuse as facilitator of ransomeware / extortion — causing continuous tightening of regulations.
- Pseudo-anonymous money laundering that causes traceable risks to Banks (unlike cash which is completely anonymous) — causing “de-risking” and therefore resulting in extreme and continuous friction for crypto to go mainstream.
Due to the irreversible nature of crypto-currencies together with pseudo-anonymous traceability of dirty money, banks face unlimited risk in serving as on-ramps or off-ramps to crypto.
US-banking grade KYC at a global level is not possible with current technology
- Identity document can be tampered or stolen — any document can be photoshopped. There is no global database of “photos/biometric” and therefore it is possible to create fake/stolen identities easily.
- Impersonation checks don’t exist — There is a 15% error rate in verifying peoples faces with hi-resolution photos in passports by trained immigration professionals in a physical setting. Matching a digital photo with scanned ID by untrained staff or even AI is just no possible.
- Address checks don’t exist — There is no global method to verify current address of a given person. Any utility bill can be photoshopped or stolen.
Current Gold standard for digital on-boarding is bank verification by linking your account or verifying test-deposits of few cents in your bank but it only works domestically.
- The issue is that this kind of linking of accounts is not possible internationally over a swift network.
- The alternative solutions like Plaid do not give global coverage and only work in core few developed countries.
In current scenario— Banks in most countries like switzerland, singapore, UK etc require physical visits or otherwise extremely cumbersome Notary / appostille of documents to even open non-crypto accounts.
DIRO is a fundamental new technology
that eliminates these bottlenecks not just for crypto-currencies but horizontally for many traditional industries.
- Makes Global impersonation check possible — it is the first breakthrough technology that not only turns each and every institutional / government/ corporate website into an identity authenticator. This new technology extends the Gold standard (like Plaid) for US-banking grade identity verification at a global scale.
- Makes Global address check possible — can verify any current utility bill from any country, any language, any company be it Telephone, Gas, Electricity, TV, Internet, Municipal taxes or even
- 100% global coverage — without the need for any third party cooperation/ APIs or agreements.
- 100% guaranteed — DIRO leverages the time tested and battle tested SSL/TLS technology and blockchain to generate mathematically provable and court-admissible evidence. The documents produced using DIRO are even stronger than physical originals.
Privacy and data protection — The documents produced by DIRO are not only reportable and audit-able by third-parties and regulators but also provide decentralised verification on blockchain (without the typical “phone-home privacy problem”). The access to global private data behind login and passwords are accessed by the USER under is GDPR right to access his own data while automatically providing consent for verification to proceed.