AllianceBlock launches a solution enabling users to prove their digital ID without compromising privacy

AllianceBlock launches a solution enabling users to prove their digital ID without compromising privacy

AllianceBlock announced on November 9th the launch of its Trustless Identity Verification (TIDV) solution on the mainnet. Initial integration will be via the Funds platform to develop seamless pathways to decentralized finance (DeFi). Trustless Identity Verification is a blockchain-based application that addresses the problem of securely exchanging verified data. For this to become a reality, a group of users must first prove their digital ID without compromising their privacy. The second group of users will be able to rate participants with full confidence in the authenticity of the data, which will help avoid regulatory issues.

By performing the know-your-customer (KYC) process only once with TIDV’s integrated solutions, TIDV makes it easy for consumers to interact with products that require compliance.

Users may feel more secure knowing that only they and the businesses or organizations whose services or products they have requested access hold the personal information about them. Nobody else, including GBG (Global Identity Services) or AllianceBlock, keeps a single copy of their data.

Key features of TIDV

One of the most attractive features of TcIDV is that customers only need to go through the KYC process once to create a verified identity that can be used for verification purposes with TIDV-integrated dApps and applications. Most industry experts predict that DeFi-related regulations will be implemented soon, and retail investors are already aware of the need to find an appropriate compliance solution. Users must verify their ID with AllianceBlock’s identity verification partner, GBG, and link their crypto wallet to TIDV once.

Boris Huard, GBG’s Managing Director, EMEA, said: “GBG’s Know Your Customer (KYC) solutions help bridge the gap between traditional finance and decentralized finance. Our global, end-to-end solutions deploy quickly and secure potential. User identities are verified in seconds, creating a secure environment that meets compliance requirements without compromising the user experience.

Users are protected from the moment of onboarding

AllianceBlock’s integration into the platform ensures that blockchain users are protected from the moment of onboarding with thorough and reliable KYC verifications without disrupting the user experience. Startups may need KYC to comply with regulations and potential investors. (Funders) may KYC on TIDV to participate in KYC-required fundraising rounds. Finally, the integration of TIDV enables fundraising rounds compatible with Fundrs. Dua Token, the first listing on Fundrs, will also use this new interface to run compatible fundraising rounds.

Future integrations include DeFi Terminal, DEX, and Data Tunnel. Being able to perform KYC once and apply the same verification to multiple solutions makes it easier for consumers to engage with and compliantly interact with those solutions and reduces the number of their shipments.

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