South African fintech firm to launch blockchain identity verification in 2017

Baozou Comment : More and more South African financial technology companies have realized the potential of blockchain technology and have shifted their focus to this technology and its applications. TIM, a South African financial technology company focusing on identity verification, has announced that it will introduce blockchain technology in 2017 to improve its services. Endesa, the largest power company in Spain, also revealed that they are planning to establish an open blockchain laboratory to promote the development of blockchain solutions in the energy industry. There has also been a boom in the application of blockchain technology in other fields such as healthcare and real estate.

Translation: Flora

ThisIsMe (TIM), a South African fintech company focused on identity verification, has announced that it will introduce blockchain technology in 2017 to improve its services.

More and more companies are turning their attention to blockchain, the distributed ledger technology behind bitcoin, after recognizing its potential.

Just recently, Endesa, Spain’s largest power company, revealed that they are planning to establish an open blockchain laboratory to promote the development of blockchain solutions in the energy industry.

Blockchain technology has also been used in other fields, such as healthcare and real estate. Richard Branson believes the technology will lead to an "economic revolution."

IT Online reported that although TIM is currently trying to provide better real-name identity authentication services, KYC policies (know your customer), anti-money laundering services and background check functions, the company has decided to start blockchain technology.

Earlier this year, the Norton Cybersecurity Insights Report revealed that 76% of South Africans believe that identity theft has increased, and 67% believe that due to the popularity of smartphones and the Internet, it is now more difficult for us to control where our personal information goes.

Surprisingly, while 78% of people know they should be proactive in protecting their personal information, many find it a hassle to do so. Likewise, 58% said they would rather cancel a dinner with friends or family than take the time to cancel a stolen credit or debit card.

IT Online states that identity theft remains a huge problem for South African companies, costing them between R1 billion and R2 billion every year. The use of blockchain technology is a positive step that will help reduce fraud and identity theft in a secure way where everyone trusts each other and is involved in all given transactions.

Mark Chirnside

Mark Chirnside, CEO of TIM, said in an interview with IT Online:

“As blockchain technology is often associated with cryptocurrency, Bitcoin, it is now being used as an extra layer of security to protect yourself by ensuring anonymity online. You can then verify your identity when participating in transactions through a trusted identity verification process.”