Digital KYC: Efficient & Secure

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Blockchain Technology Enables
Secure Digital Documents

Learn how our technology can replace the pain and cost of paper-based KYC, while improving information integrity through digital chain of custody control

Digital Chain of Custody Control Explained

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How It Works

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As with certified hardcopy documents or scanned-and-emailed certified copy documents, digitally certified documents begin life when a true copy of an original document is certified by approved person having commonly accepted certification credentials through commercialpassport.com's document certification platform.

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At the moment the certifier completes the in-application document certification protocol, a unique digital fingerprint of the certified true copy document is taken and written to the blockchain. The certified true copy document is stored in encrypted format.

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Using commercialpassport.net, desktop software or free services available on the internet, a recipient of a Commercial Passport user's document can also take the document’s digital fingerprint and check it against the blockchain. If the document is genuine, the date of certification will be confirmed by the blockchain. If it has been altered or forged, it will not.

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commercialpassport.net can also confirm details of the document’s origin and chain of custody, and full particulars of its certification, including by whom it was certified, their credentials, physical location, time and date and the attestations given by the certifier. Metadata of a document’s origin, chain of custody, and particulars of its certification, including certifier details, credentials, physical location, time and date and the attestations given is maintained in perpetuity. Together with the corresponding blockchain record this information creates high integrity digital documents whose security features and rich data set exceeds that of paper copies.

Digital KYC Acquisition Compared

 “wet ink” certified paper copyScanned and emailed PDF of certified paper copyCommercial Passport Secure Digital Documents
Document formatPaper onlyElectronic (PDF)Electronic (PDF)
True copy certified byNotaries, attorneys at law, and other accepted credentialsNotaries, attorneys at law, and other accepted credentialsNotaries, attorneys at law, and other accepted credentials
Chain of custody controlNone - counterparty has custody until receiptNone - counterparty has custody until receiptFull chain of custody control
Certifier’s identity is verifiedDependent on receiver actionDependent on receiver actionYes
Certifier’s credentials checked & monitoredDependent on receiver actionDependent on receiver actionYes
Certification process details available to recipientNoNoYes
Recipient document acquisition metadata Typically not generatedEmail system dependentPermanently logged
Certifier must attest to seeing original documentDepends on receiver instructionsDepends on receiver instructionsYes
Certification process standardsDepends on receiver instructions/local regulationDepends on receiver instructions/local regulationYes, enforced & audited
Point-in-time existence verifiableNot possibleNot possibleYes, via open blockchain query
Post-certification tampering or falsification controlNo control, moderate riskNo control, high riskControlled via open blockchain query, zero risk
Environmental profileWorst practice, wastes paper, generates C02 emissions for deliveryPoor practice, wastes paperPaperless, best practice
One click automatic updatingNoNoYes
Meets regulatory obligationsYesOften notYes
Cost for senderHighest HighLowest
Cost for receiverHighest HighLowest

"Blockchain is a machine for creating trust..... and has the potential to transform how people and businesses cooperate."

The Economist