Kompany provides advanced solutions to financial institutions and corporations on identity verification.
It offers a quick and efficient way to do business verification. With this being a legal requirement for global businesses, Kompany have positioned themselves as the go-to company—on a global scale. Having previously built up the verification system for the U.K.’s Companies House, Kompany CTO and co-founder Peter Bainbridge-Clayton is well versed on the processes.
So why did Kompany opt for blockchain?
“Blockchain is good on proof,” Peter says. “When you look at legal intricacies this [Blockchain] is the best way of doing it, it’s the only way that guarantees it can’t be gamed.” Kompany assures their customers that they are capable of proving to regulators that these “checks” were carried out. He points out, “the last thing customers want is to be fined for not doing checks and not being able to prove they did it.”
Like many start-ups, Kompany had to undergo several phases before it can catapult to success. In its initial stages, Kompany used Ethereum for its reputable smart contracts, as Peter explains, but Ethereum’s speed capacity was a drawback. Its slow speed would refrain Kompany from responding to its customers instantaneously. This led Kompany to try faster chains like Hyperledger. Granted it proved faster than Ethereum for Kompany’s needs, Hyperledger is on a private chain and that was an issue and not quite the right model.
Finally, nChain introduced Peter to Bitcoin SV. This ushered-in an opportunity for Peter to learn about BSV blockchain capabilities. At present, he is convinced that BSV is the right fit for Kompany. “BSV has everything we wanted—speed, consensus, cost, built-in time stamp and native token,” he says. “We built a marketplace for this kind of information so that information becomes tokenized and can be traded.”
Kompany will undergo some finishing touches before it is implemented. Its plan is to have a fully on chain request response system. It’s a promising agenda and is definitely one worth looking out for.
To know more about Peter Bainbridge-Clayton and how Kompany is building a valid use-case on the blockchain, checkout this episode of CoinGeek Conversations.
You can also watch the podcast video on YouTube.
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