Safein

What is safein ? 

Safein is a decentralized blockchain-based identity management platform. It provides a complete KYC solution for businesses and a universal verified account for users.

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Summary 

Online identity management today bears significant and ever-increasing importance to both individuals and businesses. Consumption of services online, ranging from casual shopping, to content streaming, to digital banking, has become so widespread as to be considered the norm. Fragmentation of the online identity, i.e. lack of a universal user identity layer of the Internet, has created gaps and inefficiencies in the processes of users establishing their true identity and sharing personal data with businesses. Such inefficiencies are vast and span across virtually all industries that are present online.

Safein addresses all of the issues above with a decentralized identity management platform that provides a complete KYC solution for businesses and a universal verified account for  users. Blockchain technology enables trustless and secure exchange of data, paving the way for a universal identity layer online, and Safein utilizes these benefits to improve efficiency and transparency of data sharing between parties online. As an identity management platform, Safein allows a user to gain access to multiple online service providers without repeating registration and verification procedures. With Safein, users can easily verify their true identities and access any online service provider instantly. The decentralized nature of the platform permits the user to always remain in full control of one’s data, both in terms of its storage and sharing preferences, eliminating the risk of data breaches due to third-party risk. For businesses, reusable user KYC, accompanied with machine learning and AI technologies used for verifying documents, allow dramatic cost-cutting in terms of user onboarding, as well as improved conversions due to reduced friction during signup. 


Problems 

The Internet was designed around the groundbreaking creation of the website. While websites became the very core of Web 1.0, user experience was not entirely the focus at the time and remained of somewhat secondary importance. However, as the Internet evolved and grew in popularity, interactions between the user and the website, as well as among users, became standard for the protocol. And so, keeping track of “who’s who” became a necessity for the online medium.

Unfortunately, the Internet was created without an identity layer, and therefore online portals, forums and other services popular at the time had to develop this layer from scratch. Instead of joining forces for this endeavor, each website resolved to doing it their own way. Today, as a consequence, the well-known process of “signing up” prevails on every single website out there – with slightly different steps on each, but ultimately leading to the same outcome, the account.

At its infancy, the signup process was not something a user would consider frustrating, let alone obsolete. To many, registering, filling out personal details and creating a profile might actually have brought the joy of creation, especially because there were only a few websites that required it, altogether. This perception began to change once our modern lives turned gradually more dependent on the Internet. With more and more services emerging in the Web 2.0, having multiple online accounts became a necessity, while “signing up” with these new services had to be done more and more frequently. For the user, accessing online services became not only troublesome, but also too complicated for what it actually was. Redundant registration forms, verification procedures and forgotten passwords, trailing the daily online customer experience, all quickly became a hassle, and a security concern.

Alongside the increasing user base on the Internet, more businesses went ahead and started developing online equivalents of their physical businesses: from retail stores to banks and casinos. For companies, the growth of the Internet introduced huge growth opportunities and easy access to potential customers. To this day, emergence of new online businesses and the rapid growth of existing ones remains unstoppable. The industry itself, however, still has much room for improvement as growing concerns mount over data protection, privacy, cybersecurity and money laundering, among others. The identity problem, stemming from the lack of a universal identity protocol, is a core part of these issues, which so far have only escalated with the increasing importance of the online medium. 


Solutions 

Safein for Businesses  

Safein delivers a complete solution for any KYC needs a business may have. In particular, it entails:
•  Reliable and prompt user ID, proof of address and phone number verification
•  Ability to restrict certain countries and age groups from accessing services
•  Straightforward API integration
•  Cheaper-than-market solution to onboard new, verified users
•  Improved conversion rates, reduction in customer support costs, and minimized fraud rate
 
Our goal is to take care of the entire user onboarding process and to make sure that Safein can offer all KYC-related functionality that business might require. Safein core features include:


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