Crypto exchanges have an increasingly important responsibility to ensure that services remain compliant with various government regulations. As policies begin to mandate more transparency in the cryptocurrency market, exchanges must implement procedures to perform thorough KYC checks on crypto traders.
In the past, fraud management was difficult for individuals to achieve. In the current era of global citizenship and increasing reliance on digital services, we are beginning to see the benefits of creating digital identities.
Topics: Digital identity
Proving one’s identity has long been an important part of establishing and maintaining access to essential government services and economic opportunities.
In this article, we’ll discuss the various reasons why blockchain is needed as a solution for both rich and poor citizens from around the world. We’ll also look at how the creation of a digital, blockchain-based identity benefits citizens and the overall global economy.
Despite having a number of solutions to prevent identity theft, consumers around the world continue to face this issue every day. In this post, we will look at a few stats to see just how common identity theft is, examine the major reasons why it still exists, and assess how blockchain can play a vital role in the future of identity protection.