AllianceBlock Unveils Blockchain-Based KYC Platform For DeFi November 10, 2022 November 10, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 10, 2022 by Kelly Cromley

AllianceBlock Unveils Blockchain-Based KYC Platform For DeFi

AllianceBlock has introduced its Trustless IDentity Verification (TIDV) platform on Mainnet, with the initial integration occurring via the Fundrs platform. AllianceBlock released the blockchain-powered application TIDV to answer the challenge of exchanging verified data without requiring a trusted third party.

To achieve this, one group of users must demonstrate their online identity without sacrificing their confidentiality. A separate group of users may examine participants with trust in the information’s validity and aid in avoiding legal hazards. By mandating the Know Your Customer (KYC) procedure to happen once, TIDV makes it easier for consumers to engage with goods that necessitate compliance. The KYC procedure creates a verified identification for usage in TIDV-integrated dApps and apps.

AllianceBlock asserts that only users and the ventures or goods to which they’re asking access to the encrypted KYC data including personal data. No intermediary, including GBG and AllianceBlock, keeps records of their information. The TIDV framework, which is driven by smart contracts, guarantees that no validated information is kept or transmitted, but rather is dedicated to the user’s browser’s internal storage. Customers will have complete authority over their information and authorization and will be able to cancel accessibility at any moment. Additionally, they may export or retrieve encrypted files and keep them offline.

AllianceBlock identified Fundrs as the initial company to use TIDV for the construction of legal fundraising campaigns and take part in them. Seeker companies using the Fundrs marketplace will need KYC to meet with regulatory restrictions. Potential capital providers (funders) may engage in KYC-required fundraising cycles by completing the KYC procedure on TIDV. TIDV will be integrated throughout AllianceBlock’s end-to-end framework, including the DeFi Terminal, DEX, and the Data Tunnel, and it will strive release over the next few months, with assistance for Hardwallets coming shortly.

“GBG’s Know Your Customer (KYC) solutions assist in bridging the divide between conventional banking and decentralized finance,” stated Boris Huard, Managing Director, EMEA, at GBG. Our worldwide end-to-end systems are easy to implement and guarantee that the credentials of prospective users are confirmed in seconds, establishing a safe environment that satisfies compliance requirements without compromising the customer experience. We are thrilled to cooperate with AllianceBlock to conduct KYC checks for TIDV in order to defend against the ever-evolving ways of crypto-crime and to establish confidence in the digital assets business.”

Rachid Ajaja, CEO and Co-Founder of AllianceBlock, said, “Trustless IDentity Verification has the potential to transform how adherence is handled in DeFi and blockchain.” Customers will have absolute authority over their digital identities and will be capable of connecting to various integrated dApps and remove access as necessary. Our relationship with GBG will speed this validation procedure and guarantee that compliance regulations are met. We are ecstatic about this relationship and eager to integrate a compliant and trustless system for everyone”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.