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Guaranteeing identity is difficult at best, let alone in a decentralized, blockchain-driven Web3 economy. As businesses and financial service providers remain legally responsible for preventing fraudulent transactions and implementing adequate consumer protection, there is a desperate need for solutions that verify users’ digital identities.
In an attempt to address these challenges, today privacy blockchain providers oasis lab announced a new partnership with Equifax Co-develop Web3’s “Know Your Customer” (KYC) solution, which provides a blockchain-driven identity management and verification solution for businesses embracing this new iteration of the World Wide Web.
The solution provides businesses with an identity verification and AML compliance onboarding process, combining document-based identity verification, liveness checks and selfie matches to ensure compliance with international AML regulations.
This is an example of an approach to identity management that allows organizations to ensure KYC for users without compromising their privacy.
Ensuring Identity in the Web3 World
The announcement comes at a time when the Web3 economy is starting to grow and the researchers Web3 Market It will reach $81.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 43.7%.
However, one of the biggest barriers to this growth is the lack of transparency into user identities, making it difficult to prevent fraud.
“As the Web3 economy continues to evolve, we need to further expand and evolve our identity management and KYC solutions to reduce risk and increase trust in on-chain transactions. Equifax’s global partnership.
Additionally, Oasis Labs founder Dawn Song said: “
One of the unique selling points of this service is that it gives users control over their personally identifiable information (PII) data.All PII is processed internally smart contract Protected by Oasis’ Sapphire confidential runtime solution, digital wallets can be tied to identities without compromising user privacy.
Other providers Web3 KYC solution development
The Web3 market is still in its infancy, but Oasis is not the only provider looking to improve security in this space by simplifying the implementation of KYC controls.
One such provider is an identity infrastructure provider. parallel marketrecently announced the launch of Parallel Identity Token, a KYC and AML solution designed specifically for Web3.
The Parallel Identity Token can verify key aspects of a wallet owner’s identity to ensure compliance with international regulations without storing or displaying PII. Earlier this year, Parallel Markets announced his $7 million funding round. Series A funding.
Another competitor is chat and collaboration providers. symphony communication servicewhich recently raised $165 million. fundraising in 2019 and earlier this year pilot Create a solution that users can use to create a digital identity to interact with your brand on Web3.
However, partnerships between Oasis and prominent legacy financial providers like Equifax have the potential to add new credibility to the Web3 ecosystem and this new identity verification service.
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