Kompany gives superior options to monetary establishments and companies on identity verification.
It affords a fast and environment friendly solution to do enterprise verification. With this being a authorized requirement for world companies, Kompany have positioned themselves because the go-to firm—on a world scale. Having beforehand constructed up the verification system for the U.Okay.’s Corporations Home, Kompany CTO and co-founder Peter Bainbridge-Clayton is effectively versed on the processes.
So why did Kompany go for blockchain?
“Blockchain is nice on proof,” Peter says. “While you take a look at authorized intricacies this [Blockchain] is the easiest way of doing it, it’s the one manner that ensures it could’t be gamed.” Kompany assures their clients that they’re able to proving to regulators that these “checks” have been carried out. He factors out, “the very last thing clients need is to be fined for not doing checks and never with the ability to show they did it.”
Like many start-ups, Kompany needed to bear a number of phases earlier than it could catapult to success. In its preliminary levels, Kompany used Ethereum for its respected smart contracts, as Peter explains, however Ethereum’s pace capability was a disadvantage. Its sluggish pace would chorus Kompany from responding to its clients instantaneously. This led Kompany to attempt sooner chains like Hyperledger. Granted it proved sooner than Ethereum for Kompany’s wants, Hyperledger is on a personal chain and that was a difficulty and never fairly the correct mannequin.
Lastly, nChain launched Peter to Bitcoin SV. This ushered-in a chance for Peter to study BSV blockchain capabilities. At current, he’s satisfied that BSV is the correct match for Kompany. “BSV has all the things we wished—pace, consensus, price, built-in time stamp and native token,” he says. “We constructed a market for this sort of data in order that data turns into tokenized and may be traded.”
Kompany will bear some ending touches earlier than it’s applied. Its plan is to have a totally on chain request response system. It’s a promising agenda and is unquestionably one value searching for.
To know extra about Peter Bainbridge-Clayton and the way Kompany is constructing a legitimate use-case on the blockchain, checkout this episode of CoinGeek Conversations.
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