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May 09, 2014

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Simon

There are a few KYC exchanges popping up - SWIFT are even launching their own. Which is a good idea in theory but what worries me is how infantile the cryptography is compared to what Bitcoin offers.

I really believe the future is in a trustless network managing identity with reputation, credit, social value and other economies supporting decision making on a blockchain.

When the cryptographers in the Information Security department tell me they could get around the KYC services that aren't even live yet - it tells me banks aren't thinking broad enough yet.

www.ethereum.org have solved it conceptually, but are struggling to commercialise. I really don't agree with the UK Government identity officer bloke who says the key is to give control to the consumer. You can't ever enforce that.

By law I already control my data, so long as it sit's on "their" servers - be it government, corporate or otherwise - I don't control it unless it can only be accessed with my private key and there is a really neat (think FIDO meets biometrics) way to access that data in an ambient way.

If you know anyone building that sort of thing on a blockchain, I'd love to talk to them! :)

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