A report from prnewswire.com published on August 21 revealed that Telegram Passport has just found its first adopter for KYC services. Along with KYC-services provider Sum&Substance, ICOadm.in, a secure software service for ICO crowd sales, has become one of the first firms to adopt and integrate Telegram’s Passport system as a means of passing KYC checks.
Telegram Passport: How It Works
Telegram’s Passport helps simplify ID verification processes by reducing the requested time from the norm of several days to 1-3 minutes. The ID verification system was developed using AI, and it is able to conduct all types of checks necessary for regulators within seconds. To pass verification, a user needs to upload their personal data, such as an ID, a selfie and a place of residence, and submit these to the Telegram service. After completing this process, the user will never have to submit their personal documents to other services again. Telegram Passport will only ask them to agree to the processing of their submitted data once, and the information is automatically processed.
Protecting Personal Data
Concerned about the security of the user’s personal data? All data is kept on a cloud, and no employees or other people involved are allowed access to it, making the data impossible to transfer. The cloud is kept secure using Telegram’s encryption, with the key being available only to the user. The data is only shared with a KYC provider only after the user specifically allows it to be shared.
The ICOadm.in project is aimed at providing a comprehensive solution for ICOs. The team creates customized turn key multilingual dashboards alongside a diverse set of custom features side-by-side with smart contracts for crowd sales as well as audit smart contracts. The firm strives to make sure they meet all the requirements for privacy protection, be it European requirements such as GDPR, the local and federal level requirements of the US, or local Asian regulatory rules.
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