Veratad Technologies, LLC, a global leader in identity verification solutions that ensure regulatory compliance, announced their partnership with U.K.-based Blockchain-ID Ltd to develop BlockchainIDme, an identity validation tool that integrates KYC and AML compliance solutions to be deployed on the Algorand blockchain.
While most blockchain users favor the use of non-custodial wallets for their day-to-day use, regulatory bodies all over the world are developing new laws and regulations that will require changes to the way those non-custodial wallets can be used. Furthermore, one of the fundamental objectives of blockchain technology is ensuring users’ ownership of their own data, including absolute control over how and which third-parties can use that data.
The BlockchainIDme proposed solution, which is being developed with the support of Veratad’s complete suite of identity verification methods, allows both custodial and non-custodial wallets to fully comply with KYC and AML regulations while providing wallet owners with absolute ownership and control over their personal information.
“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,” said 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,” said 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 leading global ID and age verification company with a full suite of age and ID verification tools that satisfy a variety of regulatory requirements. All of Veratad’s solutions are available for individual or bundled deployment to meet any combination of compliance requirements.
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BlockchainIDme is an identity validation solution owned by Blockchain-ID Ltd, a United Kingdom based company that is part of the Respectful Development Initiativ ecosystem. BlockchainIDme is being built on the Algorand blockchain. BlockchainIDme allows its users to remain in complete control over their own data. BlockchainIDme allow users through the identity verification tools developed with Veratad to meet identity validation requirements ranging from basic to more stringent Know Your Client (KYC) and Anti-Money Laundering (AML) rules and regulations. BlockchainIDme identity validation, as well as the KYC and AML results are minted in a token secured by an encryption key owned and controlled by the user.