AllianceBlock Launches TIDV, Adding On-Chain Identity Verification to Its End-to-End Infrastructure
Utrecht, Netherlands, 9th November, 2022, Chainwire
AllianceBlock, with the mission of building seamless gateways into DeFi, has announced the launch of its Trustless Identity Verification (TIDV) solution on Mainnet, with the first integration through the Fundrs platform.
Trustless Identity Verification (TIDV) is a blockchain-based application that solves the problem of sharing authenticated data in a trustless manner. 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. 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, with TIDV integrated solutions. Users can feel confident that their private information resides only with them and the projects or products to which they are requesting access. No third party, including GBG and AllianceBlock maintains a record of their data.
A key feature of TIDV is that individuals and entities only need to undergo the Know-Your-Customer (KYC) process once to generate a verifiable identity that they can use for verification with TIDV-integrated dApps and applications. Most experts agree that DeFi regulation is coming, and retail investors are keenly aware of the need for a compliant solution.
For users, TIDV simplifies the KYC process as they only need to connect their crypto wallet once and prove their identity with AllianceBlock’s identity verification partner, GBG. GBG is a global expert in digital identity and Know Your Customer solutions. Its partnership with AllianceBlock ensures users in blockchain are safeguarded from the point of onboarding, with minimal user experience friction through 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 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.”
Once the KYC process is complete, TIDV’s hashed record (encrypted KYC results) will be stored, only accessible by the recipient to whom the data is encrypted and can be used to confirm the user’s identity on all integrated services. TIDV ensures privacy as the entire platform is powered by smart contracts, with no verified data stored or sent but instead committed to the user’s browser’s local storage. Users are the only ones who can access their own encrypted data, they 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.
TIDV’s integration with Fundrs enables the creation of and participation in compliant fundraising rounds. Seeker startups can require KYC to comply with regulatory requirements, and potential capital providers (Funders) can undergo the KYC process on TIDV to participate in KYC-required fundraising rounds on Fundrs. DUA Token, the first listing on Fundrs, will leverage this new integration, launching a compliant fundraising round.
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.”
Going forward, TIDV will be integrated across AllianceBlock’s end-to-end infrastructure, including the DeFi Terminal, DEX, and the Data Tunnel. Further enhancements to TIDV will continue to be rolled out in the coming months with hardware wallet support coming soon. Being able to undergo KYC once and use the same verification across multiple solutions makes it more convenient for users to compliantly participate and engage across these different solutions, as well as minimize the number of submissions users will have to do.
About GBG
We are the experts in digital location, identity and managing fraud risk and compliance. Helping organisations across the globe eliminate customer friction and fraud from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to businesses globally.
Through the combination of the latest technology, the most accurate data and our unrivalled expertise, GBG helps organisations ranging from start-ups to the largest consumer and technology brands in the world deliver seamless experiences, so their customers can transact online with greater confidence.
To find out more about how we help our customers establish trust with their customers visit www.gbgplc.com and follow us on LinkedIn and Twitter @gbgplc.
About AllianceBlock
AllianceBlock is building seamless gateways between TradFi and DeFi by remedying issues in both spheres and linking them more closely. AllianceBlock sees the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
They are building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities worldwide with the tools they need to access the DeFi space seamlessly.
Learn more about AllianceBlock on our website, follow us on Twitter and LinkedIn or join us on Telegram.
