identity verification | Biz Builder Mike

Blockchain platforms Qtum and Blockpass have teamed up in order to deliver on-chain (or blockchain-based) Know-Your-Customer (KYC) services.

As part of the agreement, Qtum will be providing subsidies to “specific” members looking to achieve regulatory compliance through Blockpass’s On-chain KYC solutions.

Adam Vaziri, CEO at Blockpass, stated:

“We’ve known and been fans of the Qtum team and network for a long time, and it’s great to have the opportunity to work closely with them. The Qtum network is innovative, and we’re excited to be able to bring the benefits and possibilities of On-chain KYC to developers and users alike. Facilitating fast, simple and efficient regulatory compliance on Qtum creates more opportunities for everyone, and spreads the phenomenon of On-chain KYC to an even wider audience.”

Qtum Co-founder Jordan Earls noted that on-chain KYC will become a vital component for many different protocols on the decentralized web or Web 3.0. He added that instead of hindering or inhibiting innovators who are focused on complying with regulations while enabling new technologies, the Qtum Foundation would “like to support those builders by backing Blockpass’ expansion to the Qtum blockchain.”

Earls added:

“Blockpass’ solution has exceeded our expectations when it comes to cost, which is an order of magnitude cheaper than traditional services, and its ability to only allow non-sensitive pieces of information to touch the blockchain.”

Qtum is an open-source, public (or permissionless) blockchain or distributed ledger technology (DLT) platform that aims to leverage the security of unspent transaction outputs (UTXOs) along with Ethereum Virtual Machine (EVM) smart contracts.

Secured by a proof-of-stake consensus mechanism, Qtum has introduced its own Decentralized Governance Protocol (DGP) that allows specific blockchain or DLT settings to be modified, “leading to the possibility of increasing Qtum’s block size without the need for a hard fork” or backwards incompatible upgrade.

Blockpass is a digital identity verification provider that aims to offer a “one-click” compliance gateway to financial services and other regulated sectors. Through the Blockpass platform, users are able to create, store, and manage a “data-secure” digital identity that may be used for a complete ecosystem of services, token purchases and to also gain access to “regulated industries.”

Blockpass is reportedly offering a 90% discount on its services in order to support clients during the COVID-19 pandemic.

Blockpass, which claims to be a pioneer of On-chain KYC, is a “fast, comprehensive” KYC and AML screening software-as-a-service for blockchains, crypto, DeFi and other regulated sectors. The platform offers various compliance benefits such as “pay-as-you-go,” no setup costs, no integration required, free-of-cost testing, and “immediate launch” services.

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Vouched, a developer of proprietary artificial intelligence and computer vision for end-to-end identity verification and real-time fraud detection, announced on Thursday it has raised $3 million through its latest funding round, which was led by Flying Fish Partners.

Founded in 2018, Vouched describes itself as a proprietary AI/CV/ML that powers real-time visual ID verification to onboard customers and drive revenue for customers across town or around the world. The company noted it accelerates revenue growth and provides a “seamless” user experience by rapidly and securely verifying and onboarding end users through a sophisticated, end-to-end visual ID verification and fraud detection solution.

“Vouched serves disruptive startups, fast-growing unicorns, and the Fortune 1000 enterprise. Focused on regulated and security sensitive industries, more than 50 companies in banking and financial services; healthcare and telemedicine; and gig and sharing economy companies rely on Vouched for identity verification.”

While sharing more details about the company, Vouched Co-founder and CEO, John Baird, stated:

“The ability to see a person and verify their identity online is required for complex regulated activities such as Know Your Customer (KYC) in banking and the rise of Know Your Patient (KYP) in healthcare and telemedicine. Increasingly, security-sensitive transactions such as peer-to-peer sharing of expensive goods like motorcycles, cars and RVs also depend on identity verification. We are helping to meet those growing needs.”

Vouched went on to add that it’ll use the investment round’s funds will further accelerate the growth of its identity proofing platform across the banking, fintech, and healthcare verticals.

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