Blockpass, RegTech platform offering shared regulatory and compliance services, is set to use Blockchain to reduce enterprise KYC cost.
The Hong Kong-based company has revealed the roadmap for its fully decentralized, fully compliant blockchain identity verification platform. By using Ethereum and smart contracts, it offers shared regulatory and compliance services for humans, businesses, objects and devices.
Blockpass claims to serve as ‘the much-needed identity solution’ for the blockchain and cryptocurrency ecosystem, with the sector bolstered by a surge in Initial Coin Offerings (ICO) and billions of dollars investment without verifying the identity of investors.
With fears of money laundering, terrorist financing and ponzi schemes, governments are globally implementing greater regulation of ICOs and the blockchain sector in general, requiring strict know-your-customer (KYC) and anti-money-laundering (AML) compliance.
The company claims its offering will reduce the cost of compliance significantly for blockchain merchants, make compliance attractive for users through reward schemes, and protect the personal data of user.
Hans Lombardo, chief marketing officer of Blockpass IDN, said: “Blockpass is a platform-as-a-service designed to solve this problem. Blockpass is a shared infrastructure for blockchain businesses to share a verified user base and reduce this cost of on-boarding customers.
“With its built in RegTech and identity verification system, Blockpass is well positioned to be the regulatory ‘gold standard’ for token issuance and customer onboarding for banks, credit cards, exchanges and money transfer platforms operating in the blockchain ecosystem and in mainstream financial services and retail commerce.”
In addition, Blockpass also provides users with a solution for self-sovereign identity while limiting hacking risks.
Its native digital token (PASS) is to be issued as an ERC20 token on the Ethereum blockchain. Community members will then be able to download the Blockpass app and submit their KYC data. Once verified, users will connect their wallet to their Blockpass ID.
Nearly half of all RegTech companies address AML or KYC regulation according to the Global RegTech review. Given the increasingly complex requirements placed by regulatory authorities on AML and KYC procedures, along with the heavy fines imposed for inadequate compliance, it is no surprise that a majority of RegTech solutions address these particular areas of legislation. The report found that over 100 companies around the world provide offerings that makes compliance with AML and KYC regulation more effective or more efficient.
Copyright © 2017 RegTech Analyst
Copyright © 2018 RegTech Analyst
