Identity on the decentralized web 🌐

Source: SecurityIntelligence

Establishing identity online is hard. Many businesses must connect users’ real-world and online identities but resort to a patchwork of APIs that introduce complexity and friction. Maintaining compliance is a growing issue as online marketplaces move toward more decentralized offerings and address an increasingly global audience.

Peer-to-peer marketplaces—the rise of the on-demand economy has created new ways for users to generate value by providing services to others. Facilitating trustworthy interactions is difficult yet necessary when scaling multi-sided marketplaces that connect people both on- and offline.

Online financial services—in the United States, Know Your Customer (KYC) and Anti-Money Laundering (AML) laws require that financial institutions collect an array of information about their customers and prohibit access to individuals on government watch-lists. Similar restrictions exist in other countries.

Initial coin offerings (ICOs)—blockchain-based tokens will be subject to regulatory oversight in the jurisdiction that they are issued.

A first step toward more trustworthy online marketplaces lies in a identity verification provider offering streamlined and secure user experiences. There exists a latent opportunity to create a developer-focused solution that uses real-world identities as a bridge between individuals and the decentralized web: peer-to-peer and decentralized apps.

A unified online identity will allow consumers to verify their credentials through a single provider and control access to their data.

A better compliance process will reduce barriers for qualified participants to engage in online financial services.

An on-chain verification system will make verifications available via public and private blockchains, giving the next generation of financial services (smart contracts) the ability to programmatically enforce compliance requirements.

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Alex Kern

Alex Kern

building && breaking • cto @zebraiq , formerly: @coinbase via @_dsys (acq), forbes u30, @NASAJPL , @calhacks , @Cal

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