A company has launched a new blockchain-powered identity verification app to help users avoid online fraud and to cut out the time consuming manual compliance procedures across different platforms.
A company has launched a new blockchain-powered identity verification app to help users avoid online fraud during internet transactions. Blockpass also aims to counter the repetitive task of constantly entering proof of identity across different platforms, such as new bank accounts and travel document applications.
The idea of the project is to allow customers to store their data via the blockchain-powered app, cutting out the time consuming manual compliance procedures. After initially submitting their personal information, customers’ identity can be verified by “trusted compliance platforms.” An “anonymous cryptographic code” representing their data will then appear on the blockchain, which will audit itself. This ensures that no personal data is stored on the Blockpass system. Then, for future purchases or authentication, customers can scan their “unique Blockpass QR code” on the merchant’s website to verify their identity. A video animation is also available to describe the process.
Their white paper summarises all of the above as creating “a user centric self-sovereign identity application for regulated industries and the Internet of everything.” The team says that their model will be essential in the next generation of the Internet: “Web 3.0”, where blockchain is a much more common feature.
The set-up process for Blockpass users is also thorough. Customers must create a three-factor authenticated profile, provide proof of names and addresses, as well as a picture of themselves holding their identification documents for further fraud prevention.
The Blockpass platform will have its own integrated crypto in the form of the PASS token. These can be used by holders to gain discounts to Blockpass services. PASS will run on the Ethereum network, utilizing ERC20 and know your customer (KYC) systems, and are all KYC tokens – in order for transfer, the token holder is subject to a Blockpass KYC check. The initial coin offering (ICO) will begin on May 31, 2018 and run until November 30, 2018, or until all tokens have been distributed. There will be two further token sale events in 2019 and 2020. Tokens will only be available from official distributors who are in official partnership with Blockpass. The exchange rate is 1 PASS = €0.10.
In other recent developments, Blockpass has partnered with AgeChecked, which will help protect children online. It will help website users to prove their age and prevent those who are too young to enter age-restricted sites to do so. Other recent partnerships include integration of the Myki Password Manager, Holdex ICO platform, and a collaboration with Edinburgh Napier University. This University has created the Blockpass Identity Lab to research new methods of protecting data from online fraud, scams and hacking attempts.
By the summer of 2018, the team is aiming to release the full Android and iOS applications, featuring an integrated messaging system and redeveloped UX/UI. This phase will also see the development of Blockpass ID keys for access to DApps. In the next phase towards the end of 2018, the Blockpass team aims to have involvement of third-party DApps, mobile application white-labelling services, and for the platform to be open source.
The Blockpass team features a vast range of experience in blockchain technology. For example, CEO Adam Vaziri, a “Bitcoin pioneer” according to Bitcoin magazine, is a blockchain lawyer who has spent several years in the business and has co-founded successful crypto businesses such as Diacle and Bitlegal.io, and CMO Hans Lombardo has also co-founded successful start-ups such as Chain of Things.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
Powered by WPeMatico