AllianceBlock announced on November 9 the launch of its Trustless IDentity Verification (TIDV) solution on Mainnet. The initial integration will take place through the Fundrs platform with the aim of developing smooth pathways into decentralized finance (DeFi).
Trustless Identity Verification is an application built on blockchain technology that addresses the issue of securely exchanging verified data. To make this a reality, one group of users must first demonstrate their digital identification without compromising their privacy.
The second group of users will be able to evaluate the participants with full faith in the authenticity of the data, which will assist in avoiding any regulatory issues. By only needing the Know Your Customer (KYC) procedure to take place once with TIDV integrated solutions, TIDV makes it easier for consumers to engage with goods that require compliance.
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Users may have peace of mind knowing that their personal information is held solely by themselves and the companies or organizations whose services or products they have requested access to. No single record of their data is kept by any other party, not even GBG (Global Identity Services) or AllianceBlock.
CEO and Co-Founder at AllianceBlock, Rachid Ajaja, 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.”
Key features of TIDV
One of TIDV’s most appealing features is that it requires customers to go through the KYC procedure just once in order to create a verified identity that can be used for verification purposes with TIDV-integrated dApps and apps.
Most industry professionals predict that regulations pertaining to DeFi will soon be implemented, and retail investors are already acutely aware of the need to find a suitable compliance solution.
Users need to verify their identification with AllianceBlock’s identity verification partner, GBG, and link their crypto wallet once with TIDV.
Boris Huard, Managing Director, EMEA, at GBG, stated:
“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.
Users protected from moment of onboarding
AllianceBlock’s integration into the platform guarantees that blockchain users are protected from the moment of onboarding, with no disruption to the user experience, by means of thorough and trustworthy KYC checks.
Startups may need KYC to comply with regulations, and prospective capital providers (funders) can undertake KYC on TIDV to participate in KYC-required fundraising rounds. Ultimately, TIDV’s integration with Fundrs allows for compliant fundraising rounds. dua Token, the first listing on Fundrs, will also utilize this new interface to conduct compliant fundraising rounds.
Future integrations include the DeFi Terminal, DEX, and Data Tunnel. Being able to undertake KYC once and apply the same verification across numerous solutions makes it easier for consumers to participate and interact compliantly across these solutions and reduces the number of submissions they must make.
