A company has launched a new blockchain-powered identity verification app to help users avoid online fraud during internet transactions. Blockpass[1] also aims to counter the repetitive task of constantly entering proof of identity across different platforms, such as new bank accounts and travel document applications.
The idea of the project is to allow customers to store their data via the blockchain-powered app, cutting out the time consuming manual compliance procedures. After initially submitting their personal information, customers’ identity can be verified by “trusted compliance platforms.” An “anonymous cryptographic code” representing their data will then appear on the blockchain, which will audit itself. This ensures that no personal data is stored on the Blockpass system. Then, for future purchases or authentication, customers can scan their “unique Blockpass QR code” on the merchant’s website to verify their identity. A video animation[2] is also available to describe the process.
Their white paper[3] summarises all of the above as creating “a user centric self-sovereign identity application for regulated industries and the Internet of everything.” The team says that their model will be essential in the next generation of the Internet: “Web 3.0”, where blockchain is a much more common feature.
The set-up process for Blockpass users is also thorough. Customers must create a three-factor authenticated profile, provide proof of names and addresses, as well as a picture of themselves holding their identification documents for further fraud prevention.
The Blockpass platform will have its own integrated crypto in the form of the PASS token. These can be used by holders to gain discounts to Blockpass services. PASS will run on the Ethereum[4] network, utilizing ERC20 and know your customer (KYC) systems, and are all KYC tokens - in order for transfer,
