AllianceBlock launches blockchain-powered KYC solution for DeFi
AllianceBlock has launched its Trustless IDentity Verification (TIDV) solution on Mainnet, with the first integration through the Fundrs platform.
On a mission to build seamless gateways into DeFi, AllianceBlock launched the blockchain-based application TIDV to solve the problem of trust-lessly sharing authenticated data.
To bring this to life, one set of users prove their digital identity without compromising on privacy. A second set of users can review participants with confidence in the veracity of the data and help to avoid regulatory pitfalls.
KYC process only has to occur once
TIDV reduces the friction for users to interact with products that need compliance by only requiring the Know Your Customer (KYC) process to occur once. The KYC process generates a verifiable identity that they can use for verification with TIDV-integrated dApps and applications.
According to AllianceBlock, the encrypted KYC results containing private information reside only with users and the projects or products to which they are requesting access. No third party, including GBG and AllianceBlock maintains a record of their data.
Powered by smart contracts, the TIDV platform ensures there is no verified data stored or sent but instead committed to the user’s browser’s local storage. Users will have full control over their data and permissions, and can revoke access for them at any time. In addition, they can also export or import their encrypted file and store it offline.
AllianceBlock announced Fundrs as the first to deploy TIDV for the creation of and participation in compliant fundraising rounds. The Fundrs platform will have seeker startups requiring KYC to comply with regulatory requirements. Potential capital providers (funders) can undergo the KYC process on TIDV to participate in KYC-required fundraising rounds.
TIDV will be integrated across AllianceBlock’s end-to-end infrastructure, including the DeFi Terminal, DEX, and the Data Tunnel, and it will continue to be rolled out in the coming months with Hardwallet support coming soon.
Revolutionizing compliance management in DeFi
Boris Huard, Managing Director, EMEA, at GBG said: “GBG’s Know Your Customer (KYC) solutions help bridge the gap between traditional finance and decentralised finance. Our global end-to-end solutions are quick to deploy and ensure the identities of potential users are verified in seconds, creating a secure environment that meets compliance needs without sacrificing the user experience. We are excited to partner with AllianceBlock to provide KYC checks for TIDV to protect against the ever-more sophisticated methods of crypto-crime and work together to build trust in the digital assets industry.”
Rachid Ajaja CEO and Co-Founder at AllianceBlock, commented: “Trustless IDentity Verification has the ability to revolutionize the way compliance is managed in DeFi and blockchain. It will give users complete control over their online identities and let them connect to different integrated dApps and revoke permissions if needed. Our GBG partnership will streamline this verification process and ensure that regulatory compliance rules are satisfied. We are absolutely excited about this partnership and look forward to integrating a compliant and trustless solution for all”