AllianceBlock has recently introduced a solution that allows users to verify their digital identity while maintaining their confidentiality. On November 9, the company stated that it will be launching its Trustless IDentity Verification (TIDV) solution on Mainnet. With the goal of building seamless paths into decentralized finance (DeFi), the initial integration will take place through the Fundrs platform.
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The issue of securely transferring verified data is addressed by the application called Trustless Identity Verification. This application is built on blockchain technology. In order for this to become a reality, two groups are made to demonstrate how the application works and if it does, is it really what it’s made for.
The first group of users is required to demonstrate their digital identification in a way that does not compromise their privacy. The second group of users will have the ability to assess the participants with complete faith in the authenticity of the data, which will help in avoiding any regulatory issues that could arise.
TIDV’s integrated solution
With TIDV’s integrated solution, the Know Your Customer (KYC) process only needs to be done once. This makes it easier for consumers to buy products that need to be regulatory compliant.
Users may be able to feel safe knowing that their personal information is only accessible to them and the businesses or organizations whose services or products they have requested access to. This may help users feel more in control of their data. No other party, not even Global Identity Services (GBG) or AllianceBlock, can retain even a single record of their data in their possession at any stage.
With time, many blockchain-based applications have been released as a result of the high-profile security concerns that have prompted their development. Fantom, a Layer-1 (L1) blockchain platform, has recently announced the launch of “Watchdog” in an effort to offer smooth and continuous automated analysis of smart contracts.
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