AllianceBlock has launched the launch of its Trustless IDentity Verification (TIDV) solution on Mainnet. The first integration of the TIDV will be through with the Fundrs platform.
TIDV enables trustless and on-chain identity verification by providing users with an encrypted identity that can be used across any dApp or application that integrates with the service. Following the integration, AllianceBlock users will only need to connect their crypto wallet once and prove their identity with AllianceBlock’s identity verification partner GBG, which is a global expert in digital identity and Know Your Customer (KYC) solutions.
Commenting on the partnership, 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.”
What is TIDV?
Trustless Identity Verification (TIDV) is a blockchain-based application that enables sharing of sharing authenticated data. One set of users can prove their digital identity without compromising their privacy and another set review the provided data to avoid regulatory pitfalls.
TIDV reduces problems for users as they interact with products that need compliance with Know Your Customer (KYC). Each product can approve requests using a different set of criteria and the private information provided residence only with the product that requested them. There are no third parties included in maintaining data.
A key feature of TIDV is that users only provide Know Your Customer (KYC) verification documents once after which a verifiable identity is generated that they can use for verification with any TIDV-integrated dApps.
TIDV is a game changer especially now that most experts agree that DeFi regulation is on the way. Going forward, TIDV will be integrated across AllianceBlock’s end-to-end infrastructure, including the decentralized finance (DeFi) Terminal, DEX, and the Data Tunnel.