AllianceBlock is Launching On-Chain Trustless Identity Verification

Web3 Identity and Trustless Identity Verification

As per Shrey Jain et al, in the utopian Web3 metaverse, we can choose to make our identities public or private. In the metaverse, people can be much more visible or personal than their Web2 personas because there is no centralised control, and all data is viewable on the blockchain. It provides the ability to create independently confirmed and verified identities wholly distinct from one another while still on-chain.

To establish confidence when exchanging verified information, the blockchain-based application is developed as Trustless Identity Verification (TIDV ). A blockchain-based programme called Trustless Identity Verification (TIDV) addresses the issue of f trustless distribution of authenticated data.

Trustless Identity Verification can change how DeFi and blockchain manage compliance. It can give users complete control over their online identities and enable them to connect to many integrated dApps and revoke rights as desired.

AllianceBlock to Introduce On-Chain Trustless Identity Verification

AllianceBlock is introducing Trustless Identity Verification (TIDV) solution on Mainnet, with the initial integration occurring via the Fundrs platform. AllianceBlock and GBG have teamed up to provide KYC checks for TIDV. This protects against the increasingly complex ways that crypto-crime is done and to help build trust in the digital assets industry. Know Your Customer (KYC) solutions from GBG will assist in bridging the gap between traditional and decentralized financing.

How Is It Going To Work?

One group of users establishes their digital identity without losing their privacy to make this reality. The second group of users is required to review participants with confidence in the accuracy of the data and to assist prevent legal snares. By only needing the Know Your Customer (KYC) procedure to take place once when using TIDV-integrated solutions, TIDV eliminates the friction for users to engage with goods that require compliance. Users may be sure that only they and the projects, or products they are requesting access to, have access to their private information.

No outside party, not even GBG or AllianceBlock, has a record of their information.

Individuals and entities only need to go through the Know Your Customer (KYC) process once to acquire a verifiable identity that can be used for authentication with TIDV-integrated decentralized applications and applications. The vast majority of experts believe that DeFi regulation is on the horizon, and retail investors are acutely aware of the necessity of a compliant solution.

TIDV will be integrated across AllianceBlock's end-to-end infrastructure, including the DeFi Terminal, DEX, and Data Tunnel.  The ability to undertake KYC once and apply the same verification across numerous solutions makes it easier for users to participate and engage compliantly across these different solutions. It also reduces the number of submissions users will have to make.

TIDV simplifies the KYC procedure for users, as they only need to connect their cryptocurrency wallet once and verify their identification with AllianceBlock's identity verification partner GBG.

After the KYC procedure is finished, the TIDV's hashed record (encrypted KYC results) will be stored and used to verify the user's identity on all integrated services. This record is only accessible by the recipient of the encrypted data. The entire platform is powered by smart contracts and no verified data is saved or exchanged but is committed to the local storage of the user's browser. Users will have complete control of their data and permissions and can withdraw access to them anytime. Users will be the only ones with access to their encrypted data. Their encrypted file can also be exported or imported, and they can save it offline.

What Is GBG?

GBG is a company that checks people's identities, finds out where they are, and prevents fraud—assisting businesses worldwide in eliminating customer friction and fraud from their digital interactions. GBG builds and provides digital identification, address verification, fraud prevention, and compliance software to businesses worldwide. GBG products are made on data obtained from over 200 global partners. GBG can verify the identity of 4.4 billion people globally.

What Is AllianceBlock?

AllianceBlock is creating seamless gateways between TradFi and DeFi by addressing and connecting challenges in both areas more closely. AllianceBlock views the future of finance as an integrated system in which the finest of both worlds can collaborate to promote capital flows and technology innovation.

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Image credits: Salvatore Andrea Santacroce and Alexis Reyn.