HONG KONG, Dec. 19, 2017 /PRNewswire/ -- Blockpass today revealed the roadmap for its fully decentralized, fully compliant blockchain identity verification platform.
Through the use of Ethereum and smart contracts, Blockpass is a Regtech platform offering shared regulatory and compliance services for humans, businesses, objects and devices.
In its initial phase, Blockpass serves as the much needed identity solution for the blockchain and cryptocurrency ecosystem. The rapidly growing sector has been bolstered by a surge in Initial Coin Offerings (ICO) and billions of dollars investment without verifying the identity of investors. Fearing money laundering, terrorist financing and ponzi schemes, governments are globally implementing greater regulation of ICOs and the blockchain sector in general, requiring strict know-your-customer (KYC) and anti-money-laundering (AML) compliance. Such identity verifications take several days or weeks to complete, slowing down user onboarding and leading to significant costs as high as 20% of operating budgets.
"Blockpass is a platform-as-a-service designed to solve this problem. Blockpass is a shared infrastructure for blockchain businesses to share a verified user base and reduce this cost of on-boarding customers," said Hans Lombardo, Chief Marketing Officer of Blockpass IDN. "With its built in Regtech and identity verification system, Blockpass is well positioned to be the regulatory "gold standard" for token issuance and customer onboarding for banks, credit cards, exchanges and money transfer platforms operating in the blockchain ecosystem and in mainstream financial services and retail commerce."
Blockpass will reduce the cost of compliance significantly for blockchain merchants, make compliance attractive for users through reward schemes, and protect the personal data of user.
Blockpass - Solution for Self-Sovereign Identity
Blockpass also provides users with a solution for self-sovereign identity while limiting hacking risks. Following recent data breach scandals involving companies like Yahoo, Uber and Equifax, it is evident that centralization of personal user data should be avoided wherever possible.
Blockpass provides an alternative solution for centralized data storage that will have two major benefits to consumers.
1. Users are in control of their identity and only they can decide who accesses it
2. No centralized server stores sensitive personal data
When a user submits identity details and documents to Blockpass for verification, a copy is stored locally and encrypted with a password on the user's mobile device. The user is the only person who holds the password to decrypt it.
After Blockpass receives the data and hashes it, it is completely erased from the Blockpass servers. From that point forward, user data only exists on the mobile phone of the user and nowhere else until he or she decides to share it with third-party service providers, giving the user complete control over their personal data.
As user's data is destroyed once verified, if hackers manage to breach the Blockpass servers, they will find only unreadable data that has no value to them, whatsoever.
The native digital token of the Blockpass ecosystem, PASS, is to be issued as an ERC20 token on the Ethereum blockchain. Community members will be able to download the Blockpass app and submit their KYC data. Once verified, users will connect their wallet to their Blockpass ID. Platform supporters will then receive their PASS tokens on their wallet. Users should note that PASS tokens are only transferrable to other Blockpass users.
Blockpass Product Roadmap
The date for full release of the Blockpass app is 31 March 2018. The full product release will include version 1.0 of the iOS and Android mobile apps for creating a verified identity on the blockchain, a web service to register an Ethereum address for storing tokens, an ERC20-compatible PASS token smart contract on Ethereum, and administrative tools for managing user identity verification. The recommended wallet for receiving the PASS token will be the Infinito Wallet (https://www.infinitowallet.io/).
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Promotional video: https://youtu.be/SvO2cw3e-SI
The goal of Blockpass (http://www.blockpass.org/) is global realization of identity for the Internet of Everything. Through the use of blockchain technology and smart contracts, Blockpass is a production ready Regtech platform offering shared regulatory and compliance services for humans, businesses, objects and devices. As this identity system supports verification of consumers and companies (KYC), objects (KYO) and connected devices (KYD), it will enable the development of new applications that rely on a trusted connection between human, corporate, and device identities. Registered in Hong Kong, Blockpass IDN is a joint venture of Infinity Blockchain Labs and Chain of Things.