Blockpass is set to launch a research lab to explore ways in which blockchain can protect personal data.
The new research laboratory will be built at Edinburgh Napier University’s Merchiston campus as part of a £600,000 collaboration between the university and Blockpass.
In addition to the creation of the Blockpass Identity Lab, the initial three-year collaboration will also include funding for research staff, PhD studentships and a virtualised blockchain environment.
A series of data breach scandals at companies like Yahoo, Uber and Equifax highlighted the risks of centralising the storage of personal user data. In response, Blockpass is using blockchain to develop alternatives, allowing users to retain control of their identity, with only they deciding who can access their sensitive personal data.
Blockpass chief marketing officer Dr Hans Lombardo said: “We continue to see identity management at the forefront of blockchain and cryptography discussions as the price of consumer data abuses becomes clearer and more pertinent.
“The creation of this lab in conjunction with Edinburgh Napier University will provide a space where further research and innovation can lead that discussion to newer and more advanced grounds.”
A key focus of the lab will be to create world-leading knowledge and innovation around citizen-focused systems which enshrine the right to privacy.
Through the use of blockchain technology and smart contracts, Blockpass is a production ready RegTech platform offering shared regulatory and compliance services for humans, businesses, objects and devices.
The use of blockchain technology and smart contracts solves tedious KYC & AML compliance procedures by reducing sign up friction and increasing conversions. With shared regulatory and compliance services, Blockpass claims to onboard users without expensive and duplicative identity verification of the same user multiple times across different services. Blockpass’ compliance protocol also claims to enable new levels of efficiency and application possibilities for blockchain, FinTech, and traditional institutions.
Blockpass recently formed a strategic partnership with universal cryptocurrency wallet Infinito Wallet. The two companies’ mutual agreement includes plans to release Blockpass’ PASS token via the Infinito Wallet platform and defines a shared vision of a decentralised regtech ecosystem.
PASS, which is to be distributed through token sale channel partners starting at the end of May 2018, will be the first ‘regtech’ token issued on the Infinito Wallet.
Lombardo added, “This is the first step to the roll-out of our vision of seamless onchain compliance, where public blockchains can intersect with the real world and the mainstream of regulated industries. Together with Infinito, we intend to build a next generation infrastructure for this hybrid of onchain compliance and total user control.”
Infinito Wallet is a cryptocurrency wallet for NEO NEP-5, ETH ERC-20 and top coins. It offers not only an extending list of leading transactional cryptocurrencies such as Bitcoin, Bitcoin Cash, Lite Coin, and Dash but also it enables access to all tokens built on leading smart contract blockchains as ETH ERC20, NEO NEP-5, among others.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
