AllianceBlock Introduces Trustless Identity Verification for Streamlined KYC Procedures

AllianceBlock, an ecosystem for on-chain gateways to the decentralized finances (DeFi) segment, shares the details of its latest tech development, Trustless Identity Verification or TIDV.

AllianceBlock's Trustless Identity Verification is live in mainnet

According to the official announcement shared by AllianceBlock, its flagship on-chain instrument, Trustless Identity Verification (TIDV), goes live in mainnet. This development addresses the problem of identity data management in a trust-free, automanted manner.

We are soft launching AllianceBlock TIDV and integration with Fundrs 💪

We invite our community to undergo KYC on TIDV & test the Fundrs integration.

Check this step-by-step guide to participate👇https://t.co/zdknorUxbn pic.twitter.com/KNm3pVxuim

— AllianceBlock (@allianceblock) November 7, 2022

Technically, with TIDV, one set of users can prove their digital identity without compromising on privacy. Then, their peers can review participants with confidence in the veracity of the data and help to avoid regulatory pitfalls.

With this toolkit integrated, every DeFi protocol can streamline the process of KYC verification for its clients and stay regulatory compliant without compromising security and privacy.

Rachid Ajaja, CEO and co-founder at AllianceBlock, states that the integration of on-chain Web3 verification tools is a must-have for next-gen protocols in DeFi:

Trustless Identity Verification has the ability to revolutionize the way compliance is managed in DeFi and blockchain. It will give users complete control over their online identities and let them connect to different integrated dApps and revoke permissions if needed. Our GBG partnership will streamline this verification process and ensure that regulatory compliance rules are satisfied. We are absolutely excited about this partnership and look forward to integrating a compliant and trustless solution for all.

No third party, including AllianceBlock, can access personal data stored by TIDV.

Fundrs platform integrates TIDV for advanced KYC-checks

Boris Huard, managing director, EMEA, at GBG, a core technical partner of AllianceBlock, highlights the paramount importance of the release for the Web3 privacy sphere:

GBG's Know Your Customer (KYC) solutions help bridge the gap between traditional finance and decentralised finance. Our global end-to-end solutions are quick to deploy and ensure the identities of potential users are verified in seconds, creating a secure environment that meets compliance needs without sacrificing the user experience. We are excited to partner with AllianceBlock to provide KYC checks for TIDV to protect against the ever-more sophisticated methods of crypto-crime and work together to build trust in the digital assets industry.

Fundrs, an application designed to make fundraising processes in crypto more transparent, fair and inclusive, becomes the first project to integrate TIDV tooling.

Tokenomically, the new partnership will be underpinned by DUA token, the first-every asset listed by Fundrs.