AllianceBlock, whose goal is to provide frictionless entry points into DeFi, has announced the release of its Trustless Identity Verification (TIDV) solution on Mainnet, with the first integration occurring through the Fundrs platform.
The issue of exchanging verified information without compromising security is addressed by Trustless Identity Verification (TIDV), a blockchain-based application. One group of users authenticates their online identities without giving up any personal information. In this way, the second group of users may examine participation without worrying about whether or not the data is legitimate, which can assist to avoid regulatory issues. With TIDV, consumers only need to go through the Know Your Customer (KYC) procedure once, reducing the barrier to entry for compliant solutions. Requests may be accepted in accordance with varying standards, depending on the project or product in question. Users may be certain that their personal data is accessible only by themselves and the goods or services they have specifically requested. Not even GBG or AllianceBlock keep track of their information.
In order to utilize TIDV-integrated decentralized apps (dApps), users only need to go through the Know Your Customer (KYC) procedure once to create a verifiable identity. Retail investors are acutely aware of the need for a compliance solution, and most experts feel that DeFi regulation is on the horizon. By giving users an encrypted identity that can be used in any dApp or application that connects with the service, TIDV brings trustless and on-chain identity verification to life.
Users just need to verify their identification with AllianceBlock’s identity verification partner, GBG, and link their crypto wallet once with TIDV. GBG is well recognized as a global leader in digital identification and Know Your Customer (KYC) solutions. Through its relationship with AllianceBlock, users in blockchain are protected from the moment of onboarding, with the least amount of user friction possible thanks to secure KYC checks.
Boris Huard, Managing Director, EMEA, at GBG said:
“GBG’s Know Your Customer (KYC) solutions help bridge the gap between traditional finance and decentralized 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.”
Hashed records (encrypted KYC results) are kept securely once KYC is complete and may be used to verify a user’s identification across all linked services. Since the entire TIDV platform is driven by smart contracts, no validated data is ever kept or sent, simply committed to the user’s browser’s local storage, guaranteeing complete confidentiality. Users will have exclusive access to their own encrypted data, complete authority over their data and permissions, and the ability to terminate access at any moment. Another perk is that they may take their encrypted file offline with them by exporting or importing it.
It is possible to create and take part in compliant fundraising rounds thanks to TIDV’s collaboration with Fundrs. Both entrepreneurs looking for funding and investors looking to invest in such businesses may use TIDV to conduct the Know Your Customer (KYC) checks necessary to participate in fundraising rounds that require KYC. The first to be listed on Fundrs, dua Token, will use this new integration to start compliant fundraising rounds.
Rachid Ajaja CEO and Co-Founder at AllianceBlock said:
“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.”
In the future, TIDV will be integrated into the whole end-to-end architecture of AllianceBlock, including the DeFi Terminal, DEX, and the Data Tunnel. Users will find it easier to participate and interact across these many solutions in a compliant manner and will have to make fewer submissions if they can go through KYC just once and utilize the same verification across several solutions.
