According to Markets and Markets, the market for access management and identification will grow from $8.09 billion in 2016 to $14.82 billion in 2021, at a compound annual growth rate (CAGR) of 12.9%. Major growth drivers of the market are expected to be a rise in awareness regarding compliance management across various industries, increase in security concerns among organizations, and demand for mobility solutions. For example, the mobile money market segment alone is forecasted to grow from $21.15 billion in 2016 to $112.29 billion in 2021, at a CAGR of 12.9% over the 5-year.
KYCbench is providing a KYC processing platform which complies to the GDPR and ISO27001. ICOs and non blockchain enterprises can utilize KYCbench to ensure their users KYC is handled professionally and complies to their regulatory requirements under the GDPR when EU citizens are involved.
KYCbench is also looking to harness the power of the blockchain in a way that has never been done before. By using the blockchain to revolutionize how clients and users interact with sensitive personal data, users will have unprecedented accountability with what happens to their data after they have submitted it. No KYC processor currently on the market is looking to deliver a KYC solution to its clients with such an emphasis on transparency of user’s data.
However, this blockchain solution will only be provided as a standard part of KYCbench’s platform once it has been accredited GDPR and ISO27001 compliance. As a KYC processor KYCbench takes regulatory compliance very seriously so its clients can be rest assured that their KYC is done correctly and up to standard.