AllianceBlock’s TIDV solution is now live on the mainnet, adding on-chain verification to its end-to-end infrastructure.
AllianceBlock, a platform that seeks to build seamless gateways into DeFi, has announced the launch of its Trustless IDentity Verification (TIDV) solution on Mainnet.
According to the press release shared with Coinjournal, Fundrs is the platform to integrate the TIDV solution.
The team explained that its Trustless Identity Verification (TIDV) is a blockchain-based application that solves the problem of trustlessly sharing authenticated data.
TIDV reduces the friction for users to interact with products that need compliance by only requiring the Know Your Customer (KYC) process to occur one time. Furthermore, users can feel confident that their private information resides only with them and the projects or products to which they are requesting access.
With TIDV, individuals and entities only need to go through the Know Your Customer (KYC) process once to generate a verifiable identity that they can use for verification with other TIDV-integrated dApps and applications.
Users will enjoy a simplified KYC process after connecting their crypto wallet once and proving their ID with AllianceBlock’s identity verification partner, GBG. GBG is a global expert in digital identity and Know Your Customer solutions.
While commenting on this latest cryptocurrency news, Boris Huard, Managing Director, EMEA, at GBG, said;
“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.”
Following the completion of a KYC process, TIDV’s hashed record (encrypted KYC results) will be stored and only accessible by the recipient to whom the data is encrypted. A user can use the stored data to conduct KYC on all integrated services.
Rachid Ajaja, CEO and Co-Founder at AllianceBlock, added that;
“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.”
AllianceBlock added that TIDV’s integration with Fundrs enables the creation of and participation in compliant fundraising rounds.
In the future, TIDV will be integrated across AllianceBlock’s end-to-end infrastructure, including the DeFi Terminal, DEX, and the Data Tunnel, the team added.
AllianceBlock is a company that is building seamless gateways between TradFi and DeFi by remedying issues in both spheres and linking them more closely.