A company named Blockpass recently launched a new blockchain-powered identity verification app that will help users avoid online fraud during their Internet transactions. The app also aims to counter the repetitive task of constantly entering proof of identity across various platforms.
From bank accounts to travel document applications, Blockpass has a simple idea – to allow customers to store their data via the blockchain-powered app. This will cut out the time-consuming manual compliance procedures.
The first step for every user will be to submit their personal information. This way, customers’ identity can be verified by “trusted compliance platforms”. Here, an “anonymous cryptographic code” will also appear on the blockchain, automatically auditing itself.
There is also a video animation that demonstrates the entire process (see video below).
Blockpass’s white paper summarizes all of the above, as well as the company’s plans to create “a user-centric self-sovereign identity application for regulated industries and the Internet of everything.” According to the team, their model will be essential in the next generation of the Internet which is the Web 3.0.
Even though the setup process for this app is quite thorough, it is essential for the further identity verification. The Blockpass platform will have its own integrated crypto in the form of the PASS token which can be used by holders to gain discounts to Blockpass services. PASS will run on Ethereum network, utilizing ERC20 and know your customer (KYC) systems.
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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
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“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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