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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“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
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“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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