Adam Vaziri in LAToken Pitch Competition
On Thursday April 30th, Blockpass CEO Adam Vaziri took part in the pitch competition which was held as part of LATOKEN’s Blockchain Economic Forum event series, taking place remotely whilst the Coronavirus COVID-19 pandemic is continuing to impact the normal running of our lives.
Speaking at the webinar, Vaziri explained Blockpass’ goal of making verification easier but no less secure or comprehensive, providing a simpler compliance option for any business, from financial to housing to everything in between. Vaziri explained that the repetitive nature of KYC and other regulation was the impetus for Blockpass’ inception - solving the issue of inefficiency and making the process less painful whilst simultaneously giving people control over their own identity. One thing that set Blockpass apart from others, Vaziri described, was the fact that it has been up-and-running for over two years now, with businesses all over the world already using it for onboarding and verification means. Data and experience pointed to a world where businesses and markets are becoming more remote and increasingly conducting business online, with a resultant increase in compliance measures necessary. With new developments and regulations coming through to deal with cutting-edge developments; Vaziri noted that with Blockpass, providing compliance is easy, with setting up an account able to be done in as little as a minute with a button or link generated for customers to use to onboard. Not only was Blockpass quick and easy to set up, Vaziri explained, but it was also flexible, able to cater for different data requirements and allowing users to verify remotely, onboarding in seconds whilst the company can be sure they are who they claim to be even if they aren’t present, providing different payment options including pay-as-you-go. He went on to describe how additional checks such as AML screening and sanctions list checking coil all be done in the background and the approved data verified to the merchants with automatic onboarding or able to be customised so the merchant can review it first, and how ‘liviliness checks’ could be added for security. What’s more, this could be carried out entirely by web- and phone-based applications, or by going through a web form process should they prefer - with Vaziri likening Blockpass to a ‘PayPal of verification’. Vaziri discussed how it also made things simpler and more convenient for the user, who didn’t have to redo the same forms and fill out the same data over and over - only updating or changing their information if their circumstances changed (a change in address for example) or if the merchant required an update. Demonstrating the platform and the back-end API, Vaziri showed just how simple it was to use the regtech compliance solution Blockpass has created, explaining it was all possible through the use of cryptography. He went on to describe the start of the project and the research lab, specializing in zero knowledge proof cryptography and more, located in Edinburgh Napier University and led by Professor Bill Buchanan. Using this, he explained, it was possible to mathematically prove the data being shared had not been tampered with.Even though Blockpass is being used as a KYC solution by many, Vaziri emphasised that it is an identity solution most of all, with KYC as only one aspect. Another example for its use he described, was utilising the ability of the app to generate your own certificates, leading to situations where, for example, hospitals could generate COVID-19 certificates to prove that someone had been infected before it but now was clear, or any other proof that can be evidenced such company documents or other verifiable certifications. With this flexible and secure identity verification app, and a growing user base of merchants, customers and interested parties, Vaziri finished by describing Blockpass’ desire to continue to grow and partner with more companies to bring the benefits of Blockpass to all those who need it.