Crypto’s anarchic nature, with the emphasis on decentralization, lacks any regulatory bodies so far. But sooner or later it will have to adopt standards of some kind because when money moves in and out from the blockchains to and from the traditional financial system, some kind of compliance must exist. And that’s the very problem that Sekuritance aims to solve.
Sekuritance: One-Stop Compliance and Regulatory Shop
Sekuritance is a one-of-a-kind project in Regulatory Technology (RegTech) that could help the blockchain environment move closer into the mainstream. The new platform offers a wide range of services in a single place that allows any user to ensure regulatory compliance, monitor programs, and queries. It’s useful for both individuals and institutions.
Any user can use Sekuritance to run end-to-end cyber risk assessments, blockchain wallet address checks, card processing MFA checks, CECL, FCPA, and AML/CTF operations. In other words, it’s a single platform that can bring respectability to any blockchain operation at the cost of a few clicks.
The new platform is built with security, flexibility, and scalability in mind. The internal engine includes multidimensional risk and advanced holistic screening.
The project includes SKRT, a cryptocurrency that will support enterprise-class regulatory compliance, increased security, and all the other features in Sekuritance. SKRT is an ERC-20 token and it leverages the consensus-driven mechanics within the blockchain.
SKRT’s role is processing and logging on the regulation technology-related data and payment-related verification services. All is done employing smart contracts. The company will soon join the ranks of the Ethereum Enterprise Alliance.
While there are many ways to tackle the compliance problem in blockchains, Sekuritance’s take is unique in that its various services bring compliance, fraud and transaction monitoring, and anti-money laundering verification under a single roof.
The technology is not linked to any specific blockchain, so it’s blockchain agnostic. That means it can work on any public protocol as well as private or restricted ones. Ethereum, Bitcoin, or Hyperledger make no difference for SKRT.
So compliance with regulations is Sekuritance’s main thing, but there’s plenty more. Data tokenization, forensic analysis, MPI services, activity transactions monitoring, and 3D enrollment are in the mix. Also, it enhances its users’ KYC profile.
Even better for prospective users and clients, third-party customization is in the project’s mind since the beginning so that widespread adoption can happen quickly.
Sekuritance is one of many much-needed blockchain projects that are pushing cryptocurrencies into the real physical world.
While the theoretical potential inherent in the crypto-sphere is not in doubt, its practical utility is still limited by the lack of the correct technologies and ideas that can turn a great idea into a set of great solutions to everyday problems that everybody can use as easily as checking the weather on their mobile. Sekuritance seems to be the one step in the right direction as it helps to bridge that gap.
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