How do you do business with a company without knowing if it exists or how do you know that who you are dealing with, actually represents that business entity?
Verifying a company is nothing like an individual, there is no uniform ID method or central data base.
Companies do not have passports, and business identity theft in 2016 was estimated to exceed $258 million in the U.S. alone, a 250% rise over 2015 figures.
Organizations are generally formed within hundreds of States/Provinces, located in any of the world’s 195 nations, and the principles or owners may or may not be listed. This is a headache for banks, businesses, and others wishing to establish international business relationships with those organizations.
The Aclyd Project plans to use Blockchain to level the playing field, creating a first of its kind Blockchain based listing index by issuing each organization a Company Identification (CID) Token, which will be accompanied by a smart contract that details the business’s location, registered agent, initial smart contract, and other information needed to verify an organization’s existence and jurisdiction.
Secondly, The Aclyd Project is using the allotment of a limited amount of Identification Tokens, which will be sent to third parties, who can then use that transaction to verify a company’s existence and the fact that they are in communication with that organization’s principles. If you have linked your bank account to any online payment services you might recall a deposit and withdrawal made to your account for verification reasons. The Aclyd Project has taken this concept a step forward to the Blockchain, using an Identity Token which can be sent and received by a published wallet address, which has been previously verified as belonging to that organization, so there is no mistake as to that parties relationship to the company which is setting up that account.
To launch its product, The Aclyd Project has formed a Blockchain venture in the Bahamas, and has partnered with a local Nassau legal group: KLA Corporate Services, headed by Attorney-at-Law Richette C. Percentie.
“This partnership gives The Aclyd Project LTD the ability to incorporate an entity in 1 hour, while providing registered agent, virtual office, trust, and other services. The next step is to assist those KYC/AML verified organizations in establishing relationships with financial institutions and customers,” Says The Aclyd Project’s CEO Jessica Contreras
To solidify this, The Aclyd Project has also opened negotiations with Plaak to make use of its new cold wallet program, so that once an organization has been verified by the Central Company Identity Index aclyd.com/ccid, its principles can set up smart wallets and make use of Plaak’s products aimed at POS systems. There also lies the ability to expand similar products into consumer payment and remittance processing.
“Identifying a business and its principles is an important step towards establishing a financial relationship with an organization, and the Blockchain provides an immutable record. Jessica and her team definitely just found a solution for a real world problem,” says Chai Shepherd, advisor and strategic partner with The Aclyd Project.