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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[This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.Even the CEO and founder of Twitter Jack Dorsey recently declared that the cryptocurrency still has a long way to establish itself as the best payment option. the Square chief also believes that bitcoin will eventually become the native cryptocurrency of the internet as we previously read in the latest cryptocurrency news. The platforms such as Alchemy will face some major competition in the markets such as China because they already have a robust electronic payment ecosystem.
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“Now is the time for any organization that wants to help shape the role of blockchain and the DLT technology at play in their business and their industry to get involved. Bitcoin made blockchain mainstream and brought the hype to the field. Now the hype is passing, and we are observing how enterprises are looking at real life solutions using blockchain.”However, it is important to note that the adoption is harder than expected. The drop in this rate could simply be the effect of a delayed corporate response to the hype seen before.
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