DIVE protocol is a decentralised know-your-customer[KYC] protocol. An innovative solution enabling decentralised user verification. This protocol is necessary to permit decentralized financial systems process transactions of larger volume, while adhering to the AML regulations worldwide. DIVE web application is built on the DIVE protocol. Storing images on-chain is expensive. As a result, DIVE web app stores the kyc data with decentralized file storage service providers such as IPFS.
DIVE implements machine learning & OCR to autonomously verify a user’s know-your-customer documents with the relevant government authorities off-chain, and store the documents on IPFS. Anyone can request the DIVE user data, off-chain and on-chain. To access the kyc data, a requester must have the authorization hashcode, and an authentication token. The authentication token is generated when a requester registers on the DIVE. The authorization hashcode is provided by the user to the requester on the requester’s website, or mobile application. A requester can be anyone, including centralised exchanges. To generate an authorization hashcode, the user selects the requester from the available list, and the documents that user intends to share.
Requesters can integrate DIVE on their decentralised and centralised financial services as a cheaper alternative to the expensive outsourcing that costs north of 30¢ per verification. The requesters can request KYC data on-chain by placing a request with the DIVE smart contract, and off-chain, through an api. In both the cases, the data is transferred to the requester off-chain. Agnostic to the success or failure of a request, DND updates on-chain after every request.