In response to ongoing regulation improvement in the blockchain industry, Blockpass is offering a universal KYC platform for both users and services. It has already released an app for iOS and Android and has attracted several major partners. Blockpass will also issue its own PASS token, claiming that it will be the first “KYC token”. The company announced its collaboration with the BlockEx cryptoexchange, which will organize the first distribution event of the PASS token starting on May 31.
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An ever-growing number of ICOs and the evolution of blockchain-based financial services has increased interest in identity solutions. Most users of blockchain services are familiar with the “Know Your Customer” (KYC) procedure to authenticate identity. Since KYC is usually made up of individual user services, it often lacks convenience and security. However, the blockchain industry is becoming increasingly regulated, which is leading to the rise of regulation technologies, or regtech.
Blockpass is a universal KYC solution positioned at the intersection of regtech and blockchain markets, aiming to meet the demand for a better KYC experience. The application is designed to meet KYC, Anti-Money Laundering, and General Data Protection Regulation compliance.
KYC platform for enterprises and users
Blockpass has been released as a fully functional app for iOS and Android. It allows users to verify, store, and manage their identities. The platform may be used by different services as a standard for KYC so that users do not have to pass KYC every time they sign up for a new service. Blockpass also utilizes decentralized data storage and does not keep any user data. Instead, data is stored offline and accessible only by the user. Each user may also backup their profile manually.
Services also have the opportunity to set up Blockpass as their identity verification platform rather than spend money to develop their own KYC software and personal data storage. All third-party services that use the Blockpass identity solution are listed in the app’s special section, separated into two groups: those for which the user has provided sufficient information to onboard, and those for which the user needs to provide more information before proceeding.
Service providers may perform additional verification checks with the help of certificates. When a user meets certain requirements, he can receive a certificate and then either review and accept to add it to his profile, or reject it.
Another novel aspect of Blockpass is the ability to integrate one-click verification for users through a QR code on the website. Upon scanning a code, the Blockpass app prompts the user to submit any profile information necessary to gain access.
First “KYC token”
Blockpass will issue the PASS token, called “the first KYC token” by its developers. The purpose of the token is to expand the network of Blockpass users. When a user receives the token, he will need to download the product and conduct KYC with Blockpass before transferring the token. The utility of the token is to obtain a discount on verification services provided by Blockpass as well as “identity mining” which rewards users and enterprises providing services for identity verification.
Blockpass has also announced a partnership with the BlockEx cryptoassets exchange. Under the terms of the agreement, PASS token will be listed on the BlockEx secondary market after undergoing a due diligence imposed by the exchange. The BlockEx will be appointed as an official distributor of PASS tokens during the initial token distribution event taking place from May 31 until November 30, 2018. In return, Blockpass will integrate its KYC solution into the BlockEx platform.
“We’re very enthusiastic about this new partnership with BlockEx as distributor of the PASS token, but also as an opportunity to expand the Blockpass user base”, said Blockpass CEO Adam Vaziri. “This is one more step in growing our shared compliance and regulatory ecosystem”.
According to BlockEx CEO Adam Leonard, “Becoming a distributor of the PASS token means we are supporting a more compliant regulated token ecosystem. It gives us the opportunity to grow and evolve with the changing landscape of the blockchain economy”.
The list of Blockpass’ major partners also includes Infinito Wallet, BnkToTheFuture investment platform, AgeChecked verification service, and Holdex ICO platform.