Trust Provider Network
We have been developing our first implementation of Blockchain as a Service in conjunction with Identity as a Service and Data as a Service. For months we have been studying the processes Know Your Customer (KYC) and talking to many market players ranging from banks to consultancies and other service providers.
The Implementation is called Trust Provider Network. Basically this network connects many different institutions in a standardized platform, allowing them to share work force, increase data quality, streamline processes and optimize costs. The platform is totally compliant with data protection regulations, once users are the only ones that can grant access to trust providers and trust takers.
End Users are the clients. Each one will have just one prime Identity on the platform, to which data will be appended. They can manage their information, uploading and updating them, and also manage whom and how they grant access to. End users are the only ones able to grant access to their information and are able to selectively disclose information following some parameters like how many times and for how long trust takers trust providers or trading parties may have access to their data. The access will be granted through a bilateral Smart Contract that cannot be changed by any other parties instead of the signing parties. End Users can also authorize other users to perform some activities on their behalf like a letter of attorney.
Trust Providers are the participants in charge to provide trust to the information. Basically the will be the ones accessing the information once and approving or rejecting it. For their activities, trust providers will be remunerated.
Trust Takers are the participants taking trust from the platform. They will be usually any kind of institution that the end user (client) is doing business with. In order to have access to their clients’ data they will have to request it to them.
We believe that the onboarding activities that are performed by internal departments will be gradually replaced by external service providers. The first activities will be, in our view, the validation of the identity of the users. The reason is pretty simple: It’s already happening! Our platform will allow this processes to happen even faster, once it will act as a framework connecting external trust providers to internal systems. Another pro will be the fact that trust takers can easily get trust from many different trust providers.
Risks and Liabilities
One of the most important risk on the platform will be the ones related to the liability of trust providers on losses of trust takers due to bad data quality. This risk is been treated through the legal and compliant contracts with trust takers and trust providers, defining the rights and duties of each party. The other risks are related to availability and security risks. Basically, the first risk is been mitigated through the replication of the information through enough nodes that would allow extremely high availability and the second through continuously improvement of the encryption technology and also restricting the access of the trust takers and trust providers.