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KYC For Blockchains

Over the past decade or so we have seen many debates around blockchain technology, covering everything from their benefits and drawbacks to the best methods of achieving consensus and many more aspects besides.

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.

Many people embraced blockchain technology for its (pseudo)anonymous structure, wanting privacy alongside their newfound financial independence and ability to create and develop a whole series of products and solutions as the technology advanced and smart contracts became the focus.

However, many others realised that, without a way to identify the different parties involved in these solutions, there was little to no chance of them being adopted by the public, as they would fall foul of regulatory standards designed to keep people safe from hackers, con artists and other malicious actors.

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.

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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.

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Using this new solution, the first of its kind, on-chain KYC for blockchains can be used to determine a multitude of criteria, allowing individuals to fully interact with blockchain solutions in a compliant manner.

For example, a blockchain-based application can verify if a user is associated with the required age, geography, investor classification or any other metric, making this ground-breaking development ideal for many blockchain-based industries, such as cryptocurrency exchanges, DeFi projects etc.

All in all, when it comes to KYC for Blockchains, thanks to recent developments and Blockpass’ integration with Chainlink, Blockpass can now provide seamless and secure on-chain KYC data across multiple blockchain platforms, and this is just the start.

The Blockpass platform is fully automated and hosted in the cloud, with no integration or setup fee. Businesses can sign up to the KYC Connect console in a matter of minutes, test out the service, and start conducting identity documents verification, KYC and AML checks. Sign up for FREE at console.blockpass.org.

You can read more about the Blockpass-Chainlink integration here: https://blockpass.org/2021/01/04/blockpass-employs-chainlink-on-mainnet-to-provide-on-chain-kyc-across-multiple-blockchains/

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Blockpass provides a compliant solution in the Blockpass Mobile App

A revolutionary app

Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Users fill out the relevant details and are checked against the required lists and criteria to ensure they are not associated with criminal activity. By having these checks performed through Blockpass, companies using Blockpass’ identity verification solutions do not have to worry about their personal liability in screening applicants, as Blockpass retains professional indemnity insurance.

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Instantaneous verification

With the Blockpass technology and approach, verification and onboarding happens almost instantaneously for pre-existing Blockpass users and is usually very rapid for new Blockpass users. In addition, as Blockpass puts users in control of their data and certifications, the solution can be offered at a reduced cost compared to traditional alternatives.

KYC Connect™
A Complete Solution Portfolio

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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.

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NEW Start using KYC Connect™
today through our online docs portal.

Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.

“Due to emerging technologies, Blockpass is not only able to offer a user-centric solution, but a faster, cheaper and more efficient one as well.”