CLEARS is a technology based on the Ethereum blockchain offering a scalable and personalized Know Your Client (KYC) process hence guaranteeing data integrity.
PROS:
- Faster processing: The platform completes the KYC process faster by taking less than 30 minutes once all the documents from the users have been submitted and when the user has already completed the KYC the process is instant
- Security: The platform ensures that each KYC is encrypted and hosted by clears and no data is shared with anyone as a hash of the data is stored in the blockchain to ensure data integrity
- Cost-effective: Through the use of the same data repeatedly the platform reduces the cost of a KYC process substantially
- Legitimate: The platform can process KYCs around the globe in accordance to the local or international regulations creating trust from its use
- Simplicity: The platform ensures that adding a KYC process to any website is as simple as implementing Google Analytics since it requires a single code to start the process
- The platform white paper is elaborate giving adequate application cases of the project use in promoting data integrity
- The platform has a credible team led by the CEO Florian Seroussi who is a global investor having initial over thirty investments making the project implementation easier
CONS:
- The amount raised by the CLRS token in the pre-sale stage lacks any insurance and warranty hence can be easily lost
- The platform white paper doesn’t bear the team involved with adequate information on their profile
- The platform’s token exchangeability with the other cryptocurrencies and fiat is not highlighted
SUGGESTIONS:
- The platform token should be made exchangeable with the commonly used cryptocurrencies and fiat to enable the easy transactions in any currency
- The platform technical team should develop a mobile application compatible with Android and IOs to enable the users to upload their documents for the KYC process via their mobiles
- The platform white paper should bear the involved team members with a clear profile, working experience and the roles played in the project implementation
NOTE:
The platform is very viable as it provides easy KYC processes and data integrity for most of the companies hence limiting any associated loss due to hacking and money-laundry. I would therefore invest in this project.
