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Kompany provides advanced solutions to financial institutions and companies on identity verification.
It offers a fast and efficient way to perform business verification. As this is a legal requirement for global companies, Kompany has positioned itself as the go-to company on a global scale. Having already set up the verification system for UK Companies House, Kompany’s CTO and co-founder Peter Bainbridge-Clayton are familiar with the processes.
Peter sat down with CoinGeek’s Natalie Mason to talk about his company’s journey, how it fits perfectly into the blockchain, and why they are moving forward on Bitcoin SV compared to other chains.
So why did Kompany opt for the blockchain?
“Blockchain is good proof,” says Peter. “When you look at the legal complexities this [Blockchain] it’s the best way to do it, it’s the only way that guarantees it can’t be played. “Kompany assures its customers that it is able to prove to regulators that these” checks “have been carried out. to prove they did it “.
Like many start-ups, Kompany had to go through several stages before being able to catapult to success. In its early stages, Kompany used Ethereum for its reliable smart contracts, as Peter explains, but Ethereum’s speed capability was a drawback. Its slow speed would prevent Kompany from responding instantly to its customers. This led Kompany to try out faster chains like Hyperledger. Assuming it turned out to be faster than Ethereum for Kompany’s needs, Hyperledger is on a private chain and that was a problem and not quite the right model.
Finally, nChain introduced Peter to Bitcoin SV. This inaugurated an opportunity for Peter to learn about the capabilities of the BSV blockchain. At the moment, he is convinced that BSV is the right solution for Kompany. “BSV has everything we wanted – speed, consensus, cost, built-in date and time, and native token,” he says. “We have created a market for this type of information so that the information becomes tokenized and can be exchanged.”
Kompany will undergo some finishing touches before being implemented. His plan is to have a completely chained response system. It is a promising program and is certainly worthy of attention.
To learn more about Peter Bainbridge-Clayton and how Kompany is building a good use case on the blockchain, check out this episode of CoinGeek Conversations.
You can also watch the podcast video on YouTube. [add YT link once video is live]
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