Blockchain revolutionizes identity verification
Infinity Blockchain Labs is helping revolutionize the ease and security of human, object and device identity verifications. Phones connected to bank accounts, cars that can sync with insurance records and even refrigerators communicating with grocery services — the future holds staggering possibilities for integrating humans, objects and devices that will make life easier, faster and cheaper. But with such progress comes great risk, and the need to verify identities, securely store data and comply with regulations is becoming increasingly important.
RegTech Lab, an in-house lab of IBL, is dedicated to researching and developing full compliance solutions that unite businesses and governments in the form of products, services and white label applications. Their most recent project, Blockpass, is a collaborative effort with Hong Kong’s Chain of Things focusing on the compliance and legal issues related to securely verifying identities seamlessly across sites, services and devices. Project Director Thomas Leiritz sat down to answer a few questions explaining the ways Blockpass is harnessing blockchain technologies to become the industry standard in identity verification.
What is Blockpass?
Blockpass is an innovative solution to solve identity and compliance issues of online interactions. Public Blockchains need an identity protocol for compliant interactions. Blockpass verifies individuals against sanctions, Anti-Money Laundering (AML) and Politically Exposed People (PEP) lists and gives them an on-chain identity that acts as a passport. Blockpass takes privacy and identity ownership very seriously. That’s the reason why Blockpass doesn’t keep any personal data. After verifications are completed, Blockpass deletes all files provided by the user.
So how does it work? Simply download the app, fill in some information and Blockpass verifies you. Once marked clean, your identity is enabled and all documents are returned. You can now interact with all apps or services adopting Blockpass easily. Actions like opening a bank account can occur in a matter of seconds.
Blockpass will support users, providers and regulators in various industries. It will be particularly effective in highly regulated fields such as investment finance and wherever else sensitive personal and finance records are required such as medical and legal sectors. It will make interactions in these fields far easier, faster and more cost effective.
What problems does Blockpass solve and how will it change the way people, objects, services and devices interact?
At the moment Bitcoin is associated with terrorism, ransomware, hacking and other crimes. This makes the job of legitimate blockchain businesses even harder. Lots of projects are raising funds through Initial Coin Offerings (ICOs) but they are anonymous and a boon to money launderers. Thus regulations are getting harder for online merchants and compliance costs are skyrocketing. From the user’s perspective, this translates to tedious administrative tasks that need to be repeated when registering each merchant. Blockpass provides a legal framework to online services. Costs of compliance will be shared between all services.
How does blockchain technology make this possible?
The immutability and decentralisation of blockchain makes it the perfect solution for storing identities. Cryptography offers hash functions that allow us to store records on public chains that are impossible to invert thus providing security and privacy required by identities.
What is the relationship between Blockpass and Infinity Blockchain Labs?
IBL partnered up with Chain of Things, a company in Hong Kong to build Blockpass. The two companies created a joint venture BlockPass IDN Limited. The team covers a wide range of expertise such as legal, software development, hardware development for IoT devices and marketing specialists. Blockpass is also assisted by advisors that are experts in blockchain development, identity or compliance.
What is the current status and future plans for Blockpass?
We are currently finalizing the first prototype of Blockpass that will be demoed in September at the Blockchain Summit in Shanghai. We are planning a public release early 2018. The first version will focus on compliant human identities, then the protocol will expand to identities for companies and eventually identities for devices and objects. Blockpass will be the passport for the Internet of Everything.
Beyond being a groundbreaking project and glimpse into how the blockchain-enabled future will look, Blockpass provides an important example of how IBL operates. Its team of expert designers, researchers and programmers are constantly seeking key players in different fields to collaborate on products and services in a new or already existing in-house labs. For Blockpass, Thomas and the talented members of IBL’s RegTech Lab, which focuses on compliance and regulation efforts, partnered with a leading IoT company — Chain of Things to collaboratively innovate. As Vietnam’s leading blockchain R&D company, it’s crucial for IBL to ally with global partners for shared endeavors. By working on joint innovations, IBL can best utilize its expertise and resources for bringing the blockchain to all fields and revolutionizing how people live.
You can learn more about Infinity Blockchain Labs and stay current with our activities by visiting our website and social media accounts below:
LinkedIn: Infinity Blockchain Labs
Nicole Nguyen PR@blockchainlabs.asia
Thomas Leiritz firstname.lastname@example.org