If Orange is the New Black, then Regulations is the new Blockchain
Look at the top of subReddit channels for your favorite token, I bet you will see something regarding regulations and the security vs utility argument. Recently announced, Coinbase is offering a “bulletin board” way to trade alt-coins to curtail regulations until a clearer path is laid out. The bottom-line, regulations are coming and it is on all of our minds. I have spent the last year seeing the frustration in many social channels; consumers are tired of taking pictures of themselves with their passport and hand written 8x11 to an exchange. This exchange now has your utmost sensitive data and nobody knows how secure it is, probably not even the exchange. All that info incentivizes bad actors to get in and steal your identity/data, then sell it on the dark-web for $100+.
Bridge is around-the-clock developing with a blockchain to qualify many of these compliance requirements. We hear the question concerning competition almost daily, but believe the market and competitors aren’t using cryptography and blockchain for the benefits it can provide. Every model we have seen, whether working or in development provides Know-Your-Customer (KYC) as a web-based service. Bridge will be billing as web-based service, but one critical difference; we will assign your identity to a public address of your protocol of choice.
Starting with the NEO blockchain, we will be able to tie your data to your public address. This is truly groundbreaking for a protocol and believe it will differentiate us quickly. Existing KYC providers may not love our product since we cut-down their profit margins and automate the automatons. The user will now be able to bring their ID and share their public address with businesses for the compliance check needed. The business will then be able to call upon the data through Bridge Protocol provided APIs for only what they need.
The cost savings and value proposition for a business are going to be a “no-brainer.” Bridge will eliminate paperwork and data storage costs, GDPR compliance concerns and much more. We have listened closely the last year to businesses needs and customers in the blockchain space; this will be where we begin before we eventually onboard the world on the Bridge Protocol.
