Business Verification (KYB) on Camino Network
July 12, 2023
Today the team at Chain4Travel are happy to announce the beta launch of the Know Your Business (KYB) feature on the Camino Network.
Today the team at Chain4Travel are happy to announce the beta launch of the Know Your Business (KYB) feature on the Camino Network.
KYB is the powerful tool of Camino Network which solves two important issues in the digital travel space: authenticity and transparency. Emulating strategies of platforms like Twitter, which have introduced verification processes to combat bot manipulation, KYB serves as a Unique Value Proposition within the whole travel industry. It brings trust, security, compliance and new business opportunities for all the participants of the consortium.
KYB is designed to provide an extra layer of security and trust. It works towards verifying the authenticity of players, ensuring that the business or individual you interact with is, indeed, who they claim to be. This can be a game-changer in industries where trust and credibility play pivotal roles.
KYB comes in handy when undertaking transactions that need to be highly secure. For example, when booking a hotel stay, the user can ensure that the wallet receiving the funds is KYB verified, adding an extra layer of trust to the process.
KYB is not just about enhancing trust and authenticity; it's also about regulatory compliance. Many countries mandate proper due diligence for businesses to engage in exchange transactions, making KYB a necessary step in these jurisdictions.
KYB can streamline the process of due diligence in B2B exchanges. Instead of running multiple checks with various partners, KYB allows for one-time verification, leading to increased efficiency.
The KYB verification uses Sumsub, a third-party verification partner and the process is very similar to the Know-Your-Customer (KYC) process.
Step 1: Open the Camino Wallet, navigate to the dropdown menu in the top right and click on “KYB Verification”.
Step 2: Add your email and phone number to start your verification.
Step 3: Complete the Sumsub verification steps.
Please note that KYB is in beta launch, meaning that it might take more than 1-day for the verification to be completed and might require some back-and-forth email exchanges to get all the documentation right.Step 4: Enjoy being KYB verified!
The KYB process is actively employed in the Stanhope stablecoin system. Anyone interested in being part of this pilot program, contact: rob.groombridge@sh-financial.com.
Additionally, KYB will be used when applying to become a consortium member and validator of the Camino Network.
KYB is set to become integral to B2B restricted marketplaces between tourism companies and B2B gated environments like subnets or applications on the Camino network.
The KYB verification has been deployed to the Camino Suite and is currently in a beta release where the Chain4Travel team will be inviting close partners to test it.
Nonetheless, many additional features will be needed for the network to make the most out of the KYB verification service, here is the upcoming roadmap for KYB.
| Feature | Description |
|---|---|
| Sharing KYB status In progress | This will enable users that have gone through a KYB verification to share the status with other wallets. Allowing companies to assign specific wallets for specific use cases such as voting or deploying smart contracts. |
| KYB-verified checkmark Backlog | Similar to the twitter checkmarks we will show a KYB verified checkmark in the Camino explorer and wallet. This will allow users to see which wallets in the network are KYB verified before making a transaction or browsing the explorer. |
| KYB documentation sharing Backlog | For many companies entering B2B relationships requires an exchange of documents that for now are held by Sumsub. This feature will enable easy sharing of documents uploaded during the KYB process. |
| Different levels of KYB verification Backlog | For now, the KYB verification is quite extensive and aims to cover the due diligence needs of financial services such as on-ramping into the Stanhope stablecoin. In the future, we will provide different levels of KYB that might require less or more documentation to better fit B2B needs. |
| KYB verified multi-signature wallets Backlog | For now, only singleton wallets are able to complete a KYB verification. However, it will be key to allow multi-signature wallets to become KYB verified. |
All data is stored by Sumsub, for more information on security and compliance click here.
To check whether a wallet has been KYB verified please follow these steps.
If a wallet loses its KYB verification all new operations that require a KYB verification will not work until it is rectified.
Yes, however, the Chain4Travel team is working on enabling users to share the KYB status with other wallets.
No, if a wallet is KYB verified anyone in the network is able to see that it has been verified. However, there is no way for network participants to access the Sumsub verification data.
For now, only singleton wallets can become KYB verified, however, this feature is on the KYB roadmap.
Camino is the travel industry blockchain. Fueled by the Camino token, it is offering a versatile network to expand current business models and to create new touristic products to delight travelers and business partners.