GMO Internet introduces open source KYC as blockchain project enters fifth phase - FinanceFeeds

GMO Internet introduces open source KYC as blockchain project enters fifth phase

Maria Nikolova

One of the advantages of the new KYC mechanism is that personal information is not stored on the blockchain and only the hash value is recorded, so there is no risk of personal data leaking from the blockchain.

Adding to previous announcements by GMO Internet Inc. (TYO:9449) on its achievements in the area of crypto currency and related technologies, the company said today it was launching open source KYC in a move that marks the fifth phase of the GMO Blockchain Open Source Software Project (GMO Blockchain OSS).

The rollout of KYC as open source is seen to reduce human and financial costs of identity verification through the use of the blockchain. GMO Blockchain OSS is now preparing for the development of smartphone application for certification body and demonstration experiments in collaboration with GMO GlobalSign to put this mechanism into practical use.

The mechanism of “KYC” taps the advantages of the blockchain. For instance, only the owner of the “key” corresponding to the address can initiate processing for that address.

Also, by recording a user’s personal identity information as authenticated by a certification body on the blockchain along with the user’s blockchain address (a public key), services such as banks can easily and quickly confirm identity. This mechanism can be applied in various areas that require identity verification, such as opening a bank account, creating a credit card, and trading at token exchange. It leads to a reduction in process to verify identity through sending written documents and to a reduction in financial costs.

On top of that, the personal information is not stored on the blockchain and only the hash value is recorded, so there is no risk of personal data leaking from the blockchain.

In the preceding phase of GMO Blockchain OSS, the company partnered with GMO-Z.com RUNSYSTEM JSC to demonstrate the security applications of blockchain technologies. One area in which this collaboration works is deterring illegal resale of tickets and the rollout of paperless tickets that are protected via the new technology. In the end of August, GMO Internet announced the launch of the third phase of GMO Blockchain Open Source Software Project, introducing its new Region Token.

Read this next

Industry News

Citadel Securities dominates European FX, and is one of the most profitable businesses in the world

Non bank market makers are absolutely dominating the growth of FX order flow execution. Citadel Securities is now the largest internalizer in Europe by market share, a battle it is winning against Tier 1 banks alongside global leader XTX Markets. It is good to see the OTC sector holding its own.

Industry News

Playtech confirms it has been approached over the sale of Finalto

Finalto was described by the company as Playtech’s outstanding performer in H1 2020

Industry News

More greenwash: CME bends to the eco agenda by launching global emissions offset contract. Yawn….

CME Group has capitulated to the green agenda. Today, the company puts out tedious and jargonistic soundbites, saying that its new instruments will reduce emissions. Who will be interested and who will fall asleep?

Industry News

CQG Releases New PanXchange Widget on CQG Desktop for OTC and listed products

Seamlessly taking positions and managing risk across listed and OTC markets has to be the way forward for many brokers.

Industry News

The EU sets out its position

TP ICAP will not be allowed to temporarily service all of its EU customers from London as it had previously believed it could

Industry News

2021 is the year of the non-bank market maker in FX: Optiver leads the way on FXall

Clearly, the banks are being shown a clean pair of heels by the most advanced companies in the FX business. Let’s hope that this paves a new way forward for OTC counterparty relationships and that execution and settlement is now the channel for innovation.

Industry News

CMC Markets selects AWS to improve speed of product delivery

Instead of focusing on the undifferentiated heavy lifting of managing servers, by using AWS CMC Markets has freed up valuable development hours

Industry News

OANDA plays an ace against Australian OTC trading restrictions, goes for pro traders with 1:100 leverage

OANDA Corporation’s Australian division has launched an account with higher leverage for professional traders. During the regulatory reforms by ASIC, many Australian brokers began an attempt to lobby the regulator to accept different leverage rates for different levels of trader.

Industry News

Are US equity markets in a bubble?

88.88 % of all S&P 500 stocks are trading above their 200-day moving average