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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