[BBU] Business Model #8: KYC for Transaction Authors

[aratibaliga]

Do Transaction Endorsers need to go through KYC process for transaction authors before endorsing transactions and admitting them to the Bedrock ledger ?

[vinomaster]

Transaction Authors and Endorsers will each sign a contract with the consortium. In order for a Transaction Endorser to be complaint with the TE Agreement is will need to perform some degree of vetting. The BBU GF does not state what KYC activity must be performed. However, the TE is accountable for all endorsed writes to the ledger. One can assume that a TE will be gathering information for the use of their trx entitlements so some degree of :trust needs to be established by the TE".

[bharatUSAA]

A related question - Will a TE ever be like a notary today? They attest that you stated something but do not attest what you stated is correct.

[windley]

The purpose of the TE system is to help comply with GDPR. Notice I didn't say "keep PII off the ledger". If the latter is the goal, then they are on the hook to make sure the information is correct. If the former, then I think it's an open question. I.e. can you comply with GDPR if you take a TA's word for it that they are not writing PII?

[aratibaliga]

My original question was more on the lines of - is the TE responsible for vouching for the TAs business identity? For example if a TE is on-boarding and signing transactions on behalf of XYZ Manufacturing, do they have to ensure via a legal KYC process that they are indeed the entity they claim to be by signing the legal agreements with the Bedrock consortium?

[vinomaster]

My interpretation is that the TE is and should perform an "onboarding process" whereby they TRUST the TA before releasing entitlements and signing the transaction. There are very nice ways that this can be handled by the TE. The "onboarding processes (KYC)" requirements of the TE will always be unique to the TE.

[vinomaster]

We should outline a set of "onboarding process polices" in the TE Business Polices control doc.