KYC For Blockchains
We're fully automated and hosted in the cloud, with no integration or setup fee.
One subject that is regularly brought up is the idea of regulatory compliance and how it, or rather the lack of it, can hinder the adoption of blockchain-based solutions that integrate with the real world. This idea can be traced back to the very beginning of blockchain technology where one of the major topics of discussion was around permissioned vs. permissionless blockchains.
To this end, the idea of enabling identification and compliance for blockchain projects became a high priority for people seeking to develop real-world applications of blockchain technology and led, ultimately to the creation of Blockpass. Blockpass enables users to create their own identity profiles which are then verified and used to prove eligibility for services (such as confirming their age is over a given threshold) or register for businesses that are required by regulations to perform KYC. This brings regulatory compliance to the blockchain.
Linked with this, there are methods for enabling on-chain entities, such as smart contracts, to interface with external, real-world information. Known as ‘oracles’, these provide data that would otherwise lie outside the scope of the blockchain and that is necessary for the function of blockchain solutions; for example, they could notify a smart contract when a payment is sent to an off-chain account, or could confirm the result of a sporting fixture.
By combining oracles with Blockpass, particularly in a blockchain-agnostic manner, as happened recently with the integration of Blockpass and Chainlink, enables revolutionary KYC verification on-chain. On-Chain KYC® before was problematic, as regulatory requirements prohibited storing personal data on an immutable database; however, through integrating Blockpass’ KYC Connect® with Chainlink’s oracle solution avoids putting personal data onto a blockchain, solving the issue and making safe, simple and effective on-chain identification a reality. The security and legitimacy of the data is additionally assured as Blockpass cryptographically signs the data it posts on-chain through a unique private key associated with a Chainlink node.
BLOCKPASS
A Complete Solution Portfolio
Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.