BTI Verified, and Numio have entered into a partnership according to which KYC and 2FA solutions of the Numio will be integrated into the BTI trade surveillance software. It is indeed an important development considering the fact that this will enhance the safety and security aspect related to the cryptocurrency exchange, thereby bringing more transparency into the system.
Finer Details
BTI has gone ahead with the 2FA blockchain-based solution rather than opting for the Google Authenticator. This shows that the BTI is quite serious about the security aspect and considers the potential threat of phishing attacks while adopting safety measures. Take the example of the hacking of the Twitter accounts of some of the famous personalities recently in the month of July, and one can easily sense that the looming threat of phishing attacks for businesses.
BTI will also be having instant KYC service of the Numio on its value constellation that will be offered to its exchange partners. Using advanced artificial intelligence technology, 3D FaceMap of the customer will be created, and then it will be compared against the government identification of the customer to ensure that there is no mismatch in the identification. This will also help the users to prove the accuracy of their identity on the blockchain, and once that is approved, there is no need to undertake this process time and again in order to verify the user’s identification.
Conclusion
This coming together is going to have a far-reaching ramification for the cryptocurrency and blockchain domain. The enhanced security and safety aspect is sure to bring confidence among the customer by lowering the risk associated with digital currencies. In fact, in order to realize the mass adoption of cryptocurrency, all the industry stakeholders must adopt new digital technologies with a focus on safety and security to bring more customers to the domain of alternative currencies.