KYC Information For Sale on the Dark Net? We Deserve Better In 2019!
In a digital age where online identity verification is more prevalent, we begin to observe the constant data breaches around us. Whether this stems from your daily social media account or perhaps working as a government employee, the majority of us have become a victim or know someone who has been victimized by having their identity stolen.
“As proof, the cybersecurity expert got pictures of individuals holding up a piece of paper with the word “Binance” and the date the picture was taken at. In these pictures, their faces are visible, as well as their identity cards or drivers’ licenses”
So, where does this data go and what happens next? Well, unfortunately the answer is not attractive and within the cryptocurrency industry one of the worst care scenarios seems to be coming true in the latest article released by CCN. Regardless of the merit of this report, the potential outcome of this incident amongst others that may be exposed as times goes on, is very realistic. The comfort level involved with distributing personal identifiable information (PII) is already at an all-time low due to these breaches. Unfortunately in order for exchanges, along with other companies, to remain compliant with global regulations, they have to perform a KYC/AML check of some sort to make sure that illicit activities are not being funneled through their platform.
Here at Bridge, we are well aware of this flaw in the system and are determined to deliver a globally compliant solution to the consumers and businesses. One that will offer cost reduction and efficiency, but most importantly the control of a digital identity by the individual.
“Oh, dear God…worst nightmare imagined!”
The process of sending documents and other PII in this insecure and flawed way can be prevented entirely with use of the Bridge Protocol.
Our tool offers users the ability to create a portable digital ID called the Bridge Passport. This passport is available via Google Chrome Store and offers users the characteristics of an ID that can be fully exported from the Bridge chrome extension and unloaded/reloaded whenever they choose.
Bridge users upload their documents and they then get verified through a trusted KYC verification partner of choice. The information is displayed in a simple method for any requester to view; depending on exactly what information they need to view to ensure their compliance with regulators. When a user decides that they no longer want to maintain their current Passport or it becomes compromised; they can simply revoke their claims and create a new Passport.
The Bridge Passport is currently in it’s initial beta phase; however it has been working accurately for all early adopters who have downloaded the chrome extension and created a Bridge ID. Our utility token TOLL processes as the form of payment to facilitate these requested claims within the ID and have successfully transferred claims to and from the user. This results in a premium reusable digital passport that is ready for use by all accepting entities. While using the neo blockchain, the extension authenticates the metadata necessary for compliance which acts as a trust layer for the user. This extension will be released for public use in 2019.
However, if you are interested in using the initial version of the beta, please join our early adopters group and access will be granted for downloading the Bridge Passport (beta).
With new technology continuing to emerge into the industry, we offer a solution with our tool in this sector that is begging for change. Now is the time for exchanges to adopt a technology that will safeguard their name and offer the confidence that users deserve.