AllianceBlock On November 9, it announced the launch of its Trustless IDentity Verification (TIDV) solution on the mainnet. The initial integration will take place through the Fundrs platform with the goal of developing seamless pathways to Decentralized Finance (DeFi).
Trustless Identity Verification is an application built on blockchain technology that addresses the issue of secure exchange of verified data. To make this a reality, a group of users must first show their digital identity without compromising their privacy.
The second group of users will be able to evaluate the participants with complete confidence in the correctness of the data, which will help to avoid possible organizational problems. By ordering a one-time know-your-customer (KYC) procedure with integrated TIDV solutions, TIDV makes it easier for consumers to handle products that require compliance.
Users can rest assured knowing that their personal information is held by themselves and the companies or organizations whose services or products they have requested access to. No single record of their data is kept by any other party, not even GBG (Global Identity Services) or AllianceBlock.
AllianceBlock CEO and Co-Founder, Rashid Ajajah, said:
“Untrusted identity verification has the potential to revolutionize how compliance is handled in DeFi and the blockchain. It will give users complete control over their online identities and allow them to connect to multiple built-in dApps and revoke permissions if necessary.”
Key features of TIDV
One of TIDV’s most attractive features is that it requires customers to go through a KYC procedure only once to create a verified identity that can be used for authentication purposes with built-in TIDV apps and apps.
Most industry professionals expect DeFi-related regulations to be implemented soon, and private investors are already aware of the need to find an appropriate compliance solution.
Users must verify their identity with AllianceBlock’s identity verification partner, GBG, and link their crypto wallet once to TIDV.
Boris Howard, General Manager, Europe, Middle East and Africa at GGB, said:
“GBG’s Know Your Customer (KYC) solutions help bridge the gap between traditional and decentralized finance. Our global end-to-end solutions are quick to deploy and ensure that the identities of potential users are verified in seconds, creating a secure environment that meets compliance needs without sacrificing user experience.
Protect users from boarding the plane
AllianceBlock’s integration into the platform ensures that blockchain users are protected from the moment of application, without interrupting the user experience, through comprehensive and reliable Know Your Customer (KYC) checks.
Startups may need KYC to comply with regulations, and potential capital providers (funders) may conduct KYC on TIDV to participate in required KYC fundraising rounds. Ultimately enabling TIDV integration with Fundr compliant fundraising rounds. dua Token, Fundrs’ number one listing, will also use this new interface to conduct compatible fundraising rounds.
Future integrations include DeFi Terminal, DEX, and Data Tunnel. The ability to complete KYC once and apply the same verification across multiple solutions makes it easier for consumers to participate and interact compatiblely across those solutions and reduces the number of submissions they have to make.
The publication AllianceBlock launches a solution that enables users to verify their digital identity without compromising privacy which first appeared on Coinphony.