The problem Efficient Verification System - EVS solves

KYC is a crucial process for financial institutions, online platforms, and other businesses that need to verify the identities of their customers. KYC helps prevent fraud, money laundering, and terrorist financing by ensuring that customers are who they claim to be. However, the KYC process is often time-consuming, expensive, and prone to errors. Traditional KYC processes require customers to submit physical documents, wait for manual verification, and face the risk of data breaches. we will now discuss how a blockchain-powered verification system can solve these challenges and improve the KYC process. The NFT can be used as a digital identity card that can be presented to banks, offices, and other verifiers. The NFT contains all the verified details, including the customer's name, address, date of birth, and other relevant information. Verifiers can scan the NFT using a blockchain-enabled app or website, which will automatically decode the customer's information and verify their identity. reducing the need for customers to submit their identity documents multiple times. The blockchain-powered verification system has several use cases and benefits. It can help reduce the time and cost of the KYC process. Traditional KYC processes can take up to a day or more to complete, while the blockchain-powered verification system can complete the verification process within minutes. This can help businesses onboard new customers faster and improve their customer experience. The blockchain-powered verification system can improve the security and privacy of the KYC process. By using blockchain, we can create a decentralized network that is resistant to attacks and data breaches. The uploaded documents are stored on a network of nodes, ensuring that the documents are tamper-proof and cannot be modified by any single entity. Overall, a blockchain-powered verification system has the potential to improve the efficiency, accuracy, transparency and security of the KYC process.

Challenges we ran into

Challenges faced by us during development of the project

1. Face recognition deployment - dlib error
2. Taking video feed from frontend and sending it to the backend for image processing
3. Checking for the liveness of the user.
4. Setting up the Solana CLI in windows
5. Identifying the required functions to perform tasks by going through docs
6. Rectifying the errors in get or creating associated tokens in the web3 phase
7. uploading metadata for the token and disabling further minting