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Blockpass is the “first fully-compliant self-sovereign identity application giving users control over their data,” offering a universal solution for the “Know-Your-Customer” procedure throughout the Blockchain industry. The project has announced a partnership with AgeChecked, which will allow its users access to age-restricted services and goods. The platform will issue PASS tokens, scheduled for distribution from 31 May, 2018.
The KYC procedure is spreading across the Blockchain industry and is vital for cryptocurrency exchanges, payment services, and projects conducting tokensales who need to validate transactions and restore assets in case of a technical failure or fraud.
However, current identity solutions are usually not convenient because users have to pass KYC every time they use a new service, creating significant delays and increasing administrative costs. What’s more, user data is stored in centralized third-party databases, which can also be vulnerable.
Early in May, Hong Kong-based Blockpass released its mobile identity application for iOS and Android, aiming to make KYC for users of Blockchain services easier and safer.
Blockpass user application
The Blockpass app eliminates the need for users to repeatedly pass through complicated procedures to identify themselves thanks to the fact any Blockchain service may add the Blockpass verification system. Moreover, it gives users a choice regarding what credentials they want to have verified and signed, as well as whether their data is stored on a device or cloud.
As the Blockpass founders state, the app does not retain any user data, nor is the user data stored on any Blockchain. Furthermore, users can manually backup their profile data.
The app is designed to meet not only KYC rules, but also Anti Money Laundering, and General Data Protection Regulation, which will go into effect in the European Union on 25 May 2018.
One access to many services
The app is essentially an identity gateway to potentially a multitude of services. All services of Blockpass KYC system will be listed in the app’s menu. Some are available right after passing standard KYC procedure. Alternatively, services can be accessed through a QR code. Upon scanning a code, the Blockpass prompts the user to submit any necessary profile information to gain access.
Service providers may perform additional verification checks before onboarding the user with the help of certificates. From the user’s perspective, certificates represent a profile enhancement and are necessary to meet certain KYC requirements. A standard Blockpass certificate includes all data submitted by the user to the certificate issuer, the terms of the certificate, dates of issuance and expiration, and a digital signature of the issuer.
When the user meets certain requirements, an issuer can push a certificate to the Blockpass user, who must then review the certificate content before it is added to his profile, or reject the certificate.
In May, Blockpass announced its partnership with AgeChecked, a service that provides online age checks for websites that sell age-restricted goods and services. This partnership will enable Blockpass users to prove their age once for use in a variety of cases, including gambling services, buying age-restricted products, or signing legal documents, without having to part with their personally identifiable information.
AgeChecked will supply a certification that proves a user is of the correct age, which is then added to the Blockchain to make verification quick and secure.
Blockpass also recently announced its partnership with Edinburgh Napier University to develop a blockchain identity lab directed by famed computer scientist, Professor Bill Buchanan.
Blockpass is also cooperating with Infinity Blockchain Labs, creator of Infinito Wallet, to develop a multi-signature feature that allows Infinito users to generate a multi-signature wallet. This wallet is created using an “asset” key from within the Infinito wallet and an ID key from the Blockpass Identity application.
Furthermore, Blockpass has also announced collaborations with IC0 platform Holdex and password manager Myki.
Blockpass will soon issue the PASS token which will allow token holders to obtain a discount on Blockpass verification services.
PASS tokens are so-called “KYC tokens”, meaning that in order to transfer a token to another party, the token holder must undergo a Blockpass KYC check.
The first PASS token distribution event will take place between 31 May and 30 November 2018.