Self-sovereign identity application Blockpass has employed decentralized oracle network Chainlink on Mainnet to provide on-chain KYC across multiple blockchains.
Blockpass is digital identity application and service that provides a streamlined and cost-effective user on-boarding process for regulated industries and any kind of online service. Its KYC solution, called KYC Connect, uses blockchain technology and smart contracts to solve tedious KYC and AML compliance procedures. It reduces sign up friction and increases conversions. It also enables users to get approved and whitelisted once for near immediate access to multiple merchants and service providers.
Chainlink enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Smart contracts are corruptible through inaccurate and slow data. Chainlink solves this problem by connecting smart contracts to the real-world via a secure, decentralized network of oracles that ensure relevant and accurate data is fed into the ecosystem. The company is well known for providing highly secure and reliable oracles to large enterprises, including Google, Oracle and SWIFT, and leading smart contract development teams.
According to Blockpass, the Chainlink integration will allow them to provide an automated on-chain KYC in a blockchain-agnostic manner. Through Chainlink’s oracle solution, dApps can use the BlockPass Chainlink oracle to perform KYC and identity verification checks on a variety of blockchains in a simple, safe, and compliant manner, all without ever putting personal data on-chain. Blockpass will also cryptographically sign the data it posts on-chain through the unique private key of our Chainlink node, giving users even greater assurances that it came direct from the source and was not tampered with.
“The opportunity of working with Chainlink was really a no-brainer for us,” said Blockpass CEO Adam Vaziri. “We share distinctly similar values around the importance of security, the demand for on-chain compliance, and the power of decentralization. This integration will enable us to do what we’ve always been working towards, provide KYC and virtual asset/blockchain compliance data on-chain across multiple blockchains. We first introduced the world to the idea of anon-chain KYC provider, which was why we built Blockpass in the first place – and now with the help of Chainlink it’s finally in production.”
The partnership will enable the Chainlink Network to support an evolution in regulatory compliant DeFi applications via Blockpass’ KYC Connect solution and verification services.
“We’re excited to empower developers around the world wanting to build regulatory compliant DeFi applications by providing them with on-chain access to Blockpass’s KYC/AML services via Chainlink,” said Daniel Kochis, Head of Chainlink Business Development. “This expansion in data available to smart contract developers will support a next wave of more advanced DeFi products, particularly those seeking to build or access on-chain financial products with built-in compliance.”
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