Civic, a blockchain identity-verification technology provider, has partnered with Votem to launch the first CVC-Powered Know-Your-Customer (KYC) process.
Last month, Votem, a Cleveland-based blockchain-based voting platform, launched a public presale for its VAST Tokens, which will be followed by a public token sale in Q3 of this year.
The partnership will help the company conduct a ‘secure and transparent’ pre-sale, without the risks and costs associated with collecting and storing personal identity information according to joint statement.
Civic will help guarantee the security and transparency of the KYC and accreditation processes by verifying the identity of each potential participant in the Votem presale and, where needed, do advanced Accredited Investor checks for US persons.
It will register & authenticate Votem’s presale participants without the need for usernames and passwords, and verify their identity using blockchain-powered attestations. Users will store their identity documents and attestations using the Civic App and can reuse the attestations with upcoming ICOs.
“We are pleased to welcome Votem to Civic’s Partner Network and provide the first-ever reusable KYC services for token sales and ICOs. This collaboration marks another milestone for Civic’s ecosystem and for on-demand, secure and low-cost access to identity verification services,” said Civic CTO, Jonathan Smith. “This partnership is especially impactful, not only because it is the first CVC-powered KYC, but because Votem also falls squarely in line with Civic’s long-term vision of bringing decentralized democracy to life through blockchain technology. With Civic and Votem coming together, fair and secure digital voting starts now.”
Civic’s blockchain identity-verification technology allows consumers to authorize the use of their identities in real time. It is designed to facilitate on-demand, secure, low-cost access to identity-verification services via the blockchain.
By utilizing Secure Private Sign-up (SPS), Civic guarantees that new accounts are created by the true owner of the identity data. Civic’s Secure Private Login ( SPL) also claims to provides a better user experience and multi-factor authentication without weak passwords, password reset vulnerabilities, and the hassle of legacy two-factor authentication.
Civic recently introduced a Civic token that participants in the ecosystem will use to provide and receive identity-verification-related services. The company sold $33m of its tokens during its token sale event in June 2017.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
