Veratad announced a collaboration with Blockchain-ID Ltd of the United Kingdom to create BlockchainIDme, an identity validation tool that integrates KYC and AML compliance solutions and will be deployed on the Algorand blockchain. Veratad is a global ID and age verification company that offers a comprehensive suite of age and ID verification tools that meet a wide range of regulatory requirements.
John E. Ahrens, CEO of Veratad, commented, “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. We are proud to participate in the development of a solution that will allow millions of blockchain users and merchants to comply with the highest privacy protection and KYC/AML standards. We are also proud to be participating in the development of the Algorand blockchain, which meets the highest blockchain standards.”
Although most blockchain users favor using non-custodial wallets for everyday transactions, regulatory bodies worldwide are creating new laws and regulations requiring modifications to how those non-custodial wallets can be used. Furthermore, one of the primary goals of blockchain technology is to ensure users’ ownership of their data, including complete control over how and which third parties can access that data.
With the help of Veratad’s full range of identity verification techniques, the developing BlockchainIDme solution will enable both custodial and non-custodial wallets to fully comply with KYC and AML regulations while giving wallet owners complete ownership and control over their personal information.
Marc Bernier Chief Strategic Development Officer at BlockchainIDme, stated, “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 specific to a blockchain environment and non-custodial wallets. 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.”
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