Blockpass incorporates Chainlink for KYC blockchain services

Tuesday 5 January 2021 14:51 CET | News

Blockpass has announced the Mainnet launch as a data provider on the Chainlink Network - a widely used decentralised oracle solution in the blockchain ecosystem, according to the official press release.

This integration will result in Blockpass, via their own Chainlink node managed by LinkPool, providing on-chain KYC data across various blockchain platforms. The possibilities created by this are expansive and will entail multiple services for proving age, geography, and investor classification, amongst others. Entities on the blockchain turn to oracles as a source of information that comes from outside their frame of reference - knowledge they could not get themselves. On a blockchain, entities such as smart contracts can obtain external information or data from an oracle in order to execute critical on-chain functions. For example, a blockchain-based gaming app could use an oracle to establish the score of a football match before settling a bet, or an on-chain rental agreement may rely on an oracle to notify it when the appropriate payment is made into an off-chain account before unlocking the rental property.

Oracles are therefore necessary to enable blockchains to connect and exchange data with the real world. Chainlink provides a multitude of guarantees to users, including thoroughly audited and time-tested open source oracle software, the ability to cryptographically sign data on-chain to prove its integrity as coming from the intended source, reputation systems and listing services so users can verify the performance of oracle nodes, and a blockchain agnostic design that can make data available to all current and future blockchains from a single framework.

Blockpass is a digital identity verification provider which offers a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases, and regulated industry access. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration or setup cost. By combining the two technologies, Blockpass and Chainlink can provide a solution that the blockchain ecosystem needs - automated on-chain KYC in a blockchain-agnostic manner. 

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Keywords: Blockpass, Chainlink, mainnet, KYC, blockchain, on-chain, LinkPool, ecosystem, digital identity
Categories: DeFi & Crypto & Web3
Countries: World
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