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AllianceBlock’s TIDV solution is now live on mainnet, adding on-chain verification to its end-to-end infrastructure.
AllianceBlock, a platform aiming to build a seamless gateway to DeFi, has announced the launch of its Trustless Identity Verification (TIDV) solution on mainnet.
Fundrs is a platform for integrating TIDV solutions, according to a press release shared with Coinjournal.
The team explained that Trustless Identity Verification (TIDV) is a blockchain-based application that solves the problem of trustless sharing of authenticated data.
TIDV reduces friction when users interact with products that require compliance by allowing them to go through the Know Your Customer (KYC) process only once. Additionally, users can be confident that their personal information exists only with them and the project or product they are requesting access to.
TIDV allows individuals and entities to go through a Know Your Customer (KYC) process once and generate verifiable identities that can be used for verification in other TIDV-integrated dApps and applications.
After users connect their crypto wallet once and prove their identity to AllianceBlock’s identity verification partner, GBG, they can take advantage of a simplified KYC process. GBG is the global expert in digital identity and Know Your Customer solutions.
While commenting on this latest cryptocurrency news, Boris Huard, GBG’s Managing Director for EMEA, said:
GBG’s Know Your Customer (KYC) solution helps bridge the gap between traditional and decentralized finance. Guaranteed to be verified in seconds, creating a secure environment that meets compliance needs without compromising user experience Partnering with AllianceBlock to provide KYC checks for TIDV, making it more sophisticated than ever We are excited to work together to build trust in the digital asset industry while protecting against cryptocrime techniques.
After completing the KYC process, TIDV’s hashed record (encrypted KYC result) is stored and can only be accessed by the recipient whose data is encrypted. User can use stored data to perform her KYC on all integrated services.
AllianceBlock CEO and co-founder Rachid Ajaja added:
Trustless Identity Verification has the ability to revolutionize how compliance is managed in DeFi and blockchain. You can connect to dApps and revoke permissions.Our GBG partnership will streamline this verification process and ensure regulatory compliance rules are met.We are very excited about this partnership. , we look forward to integrating a compliant and trustless solution for everyone.
AllianceBlock added that the integration of TIDV and Fundrs will enable the creation and participation of compliant funding rounds.
In the future, TIDV will be integrated across AllianceBlock’s end-to-end infrastructure, including DeFi terminals, DEX, and data tunnels, the team added.
AllianceBlock is a company that is building a seamless gateway between TradFi and DeFi by solving the problem of both TradFi and DeFi and linking them more closely.
