Blockchain-ID Ltd is teaming up with Veratad to improve its own BlockchainIDme solution. As the name would suggest, BlockchainIDme is an identity verification tool that is geared toward blockchain users, and was specifically built to help those on the Algorand blockchain comply with an expanding web of Know Your Customer and Anti-Money Laundering regulations.
To that end, Blockchain-ID will be integrating Veratad’s expansive portfolio of identity verification solutions into the BlockchainIDme platform. Veratad offers a number of different identity verification options, including a selfie-based solution that can match a selfie of a user to an official identity document. The company also offers a Smart 2FA solution that leverages phone records to confirm the true owner of a device.
Developers will be able to deploy any or all of those solutions when using BlockchainIDme, depending on their location and its compliance infrastructure. Blockchain-ID noted that governments are passing more legislation that applies to crypto and blockchain environments, so even people who use non-custodial wallets may need to adopt some form of strong identity verification sometime in the near future.
The goal, according to Blockchain-ID, is to give people a way to comply with those regulations while still retaining control of their own personal information. The company believes that Veratad’s tech can do that, and that it can ensure that BlockchainIDme can protect both custodial and non-custodial wallets.
“Veratad’s identity verification solutions will allow Algorand blockchain users to comply with stringent KYC and AML international requirements, while adapting to the requirements that are specific to a blockchain environment and non-custodial wallets,” said BlockchainIDme Chief Strategic Development Officer Marc Bernier.
“The Blockchain revolution is not without the same security challenges we all face on the Web,” added Veratad CEO John Ahrens. “We are proud to be participating in the development of the Algorand blockchain, which in itself meets the highest blockchain standards.”
The news comes shortly after the House of Representatives floated the possibility of using facial biometrics to link crypto users to an account. Veratad achieved ISO 27001 certification in early 2021.
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