Reliving some of our past milestones: IAMX is celebrating a world premiere!
On December 1st, 2022, IAMX became the first company in the world to connect a DID to a regulated KYC / KYB verification with a fully GDPR-compliant approach.
IAMX is proud to have become the first company in the world to connect a Decentralized Identifier (DID) to a regulated “Know-Your-Customer” / “Know-Your-Business” verification. Our blockchain-agnostic approach is fully GDPR compliant.
Background:
The General Data Protection Regulation (short: GDPR) is considered one of the most far-reaching privacy and security laws in the world, imposing obligations onto every organization or company anywhere in the world, provided that they process the personal data of-, or offer goods or services to EU citizens or residents.
Correspondingly, the fines for violating the GDPR are significant, with the highest of the two tiers maxing out at €20 million or 4% of global revenue (whichever is higher). Furthermore, data subjects have the right to seek compensation for damages.
A KYC registration is the collection of necessary information to verify the identity of prospective customers. Good KYC practices help to identify and mitigate risk in many circumstances, including identity theft, money laundering, financial fraud, and more. For the relationships between businesses and customers, KYB practices are employed to mitigate risk and create trust when establishing business relationships.
A KYC has up to 20 “modules” depending on the jurisdiction. Our partner KYC Spider can provide whatever KYC is required in a given jurisdiction. Required KYC modules differ greatly between, for example, purchasing age-restricted alcohol, opening a bank account, or booking travel accommodations. Some KYC may even require liveness detection checks for the authentication process.
Under the mandate of the GDPR, companies need to invest in technology to protect the collected data and grant customers the ability to stay in control of their given information.
This is where IAMX comes into play. We are built on the belief that effective KYC models should support the anonymity of participants wherever possible. For this reason, the IAMX model utilizes what is commonly referred to as Zero-Knowledge Proof, allowing the user to maintain full sovereignty over the identity and its associated credentials, as well as to make changes whenever it is warranted.
The IAMX method:
After a user’s identity has been validated in the IAMX KYC/KYB portal, a corresponding KYC DID will be issued. When logging into a platform (exchange, marketplace, etc.) and connecting your digital wallet, the platform automatically checks for the appropriate KYC information. If the DID reflects compliance with the legal requirements relevant to the platform, the user is granted access.
The user’s clear-text identity data remains securely stored and processed by our partner KYC Spider in Switzerland under strict banking standards, offering the most comprehensive solution for KYC/KYB and Anti-Money Laundering (AML) regulations.
KYC Spider / IAMX provides a one-time, “heavy” identification process to cover these modules, and the user then controls what part of the identifying information is released, to whom, and when depending on what they would like to prove.
This prevents supplying more identifying information than necessary and limits what data is made available for certain firms to sell.
Find out more about this partnership:
https://medium.com/iamx-own-your-identity/iamx-x-kyc-spider-8a6fba99cf6d
Special episode of “IAMX´ Identity Lounge”:
On Tuesday, December 13th, 2022, our “Identity Lounge” Twitter Space featured CTO Dennis Mittmann and CMO Tim Brückmann to walk you through the onboarding process and answer all your questions in an AMA format.
Catch the synopsis here:
https://link.medium.com/ckNKWTzgiyb
About IAMX
IAMX is a token-based Self-Sovereign Identity and authentication protocol that empowers individuals with the means to own their identity. Adhering to the strictest of regulatory standards for identity protection, IAMX builds on the foundational principles of SSI to provide a robust and secure system where individuals are able to take control and manage their identity. Users of IAMX will realise significant time and cost savings through novel approaches to identity management and e-commerce transactions, like 1-click fulfillment, which are legally binding and maintain local regulatory compliance. With users in control of their identity data, time-consuming processes like Know Your Customer (KYC) or Know Your Business (KYB) become near-instant, highly secure transactions.
IAMX builds upon the foundations of Self-Sovereign Identity (SSI), blockchain, and DIDs, enabling individuals, organisations, or any entity to prove their identity independent of external parties or centralised authorities. This way, the authenticity of anything tied to an IAMX DID can be independently confirmed by the entity holding the DID.
IAMX is at the forefront of the Web3 revolution, bringing the world’s most secure, decentralised, and user-friendly Self-Sovereign Identity (SSI) solution to the Internet. Adding the layer of identity and authentication to the Internet, with IAMX you can treat the Internet like you are always logged in. Pursuant to its mission and vision, IAMX is working to solve the problem of providing an identity to the billions of people who do not currently have a state-recognised, legal identity. Using a Biometric Identity Gateway, users with or without state-level identification can create their own identity for use online, one that relies on their unique physical attributes, including their face, iris, and fingerprints.
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