Veratad introduced their partnership with U.Ok.-based Blockchain-ID Ltd to develop BlockchainIDme, an id validation device that integrates KYC and AML compliance options to be deployed on the Algorand blockchain.
While most blockchain customers favor using non-custodial wallets for his or her day-to-day use, regulatory our bodies all around the world are growing new legal guidelines and laws that may require modifications to the way in which these non-custodial wallets can be utilized. Furthermore, one of many basic aims of blockchain know-how is guaranteeing customers’ possession of their very own information, together with absolute management over how and which third-parties can use that information.
The BlockchainIDme proposed answer, which is being developed with the assist of Veratad’s full suite of id verification strategies, permits each custodial and non-custodial wallets to completely adjust to KYC and AML laws whereas offering pockets homeowners with absolute possession and management over their private info.
“Veratad’s proven and tested identity verification solutions will allow Algorand blockchain users, merchants, and service providers to comply with stringent KYC and AML international requirements, while adapting to the requirements that are specific to a blockchain environment and non-custodial wallets,” mentioned BlockchainIDme Chief Strategic Development Officer, Marc Bernier. “Veratad brings years of identity verification experience to the BlockchainIDme development team. To ensure user satisfaction, we have assembled the best resources available to realize the BlockchainIDme project.”
“The Blockchain revolution certainly appears to be the biggest thing since the dawn of the internet, but it’s not without the same security challenges we all face on the Web,” mentioned John E. Ahrens, Veratad CEO. “We are proud to participate in the development of a solution that will allow millions of blockchain users and merchants to comply with highest privacy protection and KYC/AML standards. We are also proud to be participating in the development of the Algorand blockchain, which in itself meets the highest blockchain standards.”
Veratad is a worldwide ID and age verification firm with a full suite of age and ID verification instruments that fulfill a wide range of regulatory necessities. All of Veratad’s options can be found for particular person or bundled deployment to satisfy any mixture of compliance necessities.