AllianceBlock has introduced its Trustless IDentity Verification (TIDV) solution on Mainnet, with the initial integration taking place on the Fundrs platform. This furthers its goal of creating simple entry points into DeFi. In order to facilitate the secure and private exchange of verified information, TIDV was developed as a blockchain-based application.
The key to making this a reality is having one group of users verify their digital identity without giving up any personal information. In this way, a second group of users can review participation without worrying about whether or not the data is accurate, which can help to avoid regulatory issues.
TIDV and how it enhances KYC
Retail investors are acutely aware of the requirement for a DeFi compliant solution in anticipation of upcoming regulation. With TIDV incorporated, the Know Your Customer (KYC) process only needs to happen once, reducing the burden for users to engage with compliant products. Users can be certain that they are the only custodians of their personal details and the products or services they have specifically requested access to.
By giving consumers an encrypted identity that is useable in any dApp or application that interfaces with TIDV, the service realizes the promise of trustless and on-chain identity verification. AllianceBlock’s identity verification partner, GBG, is a global authority on digital identification and KYC solutions. It streamlines the KYC process by just requiring users to verify their identity once and connect their crypto wallet.
GBG’s KYC solutions facilitate communication across centralized and decentralized financial systems. It has rapid deployment times for its worldwide, comprehensive solutions. This ensures that prospective users’ identity validation takes place in a matter of seconds. Therefore, it makes for a safe setting that satisfies compliance requirements without compromising the user experience.
After a user’s identity has been verified through KYC procedures, the platform will save a hashed record of the encrypted KYC results. The record is viewable only by the receiver to whom the data has been encrypted and they can use it across all integrated services. Smart contracts are the driving force behind the entire TIDV platform, and all user data verification occurs locally in the user’s browser. Further, users can take their encrypted file offline and save it via export or import.
AllianceBlock, TIDV and project fundraising
Fundrs’ integration with TIDV makes it possible for users to organize and take part in legally valid fundraising. Funding prospects can go through the KYC process on TIDV in order to take part in fundraising rounds that require KYC in order to satisfy regulatory obligations for both the companies seeking funding and the investors. In the future, AllianceBlock’s entire ecosystem, including the DeFi Terminal, DEX, and the Data Tunnel, will integrate TIDV.