The partnership between Atala PRISM and fraud prevention specialist, Acuant, comes in response to the changing regulation of blockchain-based finance and identity platforms. Regulators want blockchains to be able to prove a user’s identity and ensure that bad actors are kept out of the system, according to the press release.
By integrating know-your-customer (KYC) checks, Atala PRISM will give participants a legally verifiable identity credential, which will open up third-party services from opening a bank account to applying for a loan.
The Acuant integration will also give identity platform access to sanctions lists and watch lists to prevent bad actors from infiltrating the ecosystem. This will help blockchain providers remain in compliance with global regulations. Having a verifiable identity credential could change the lives of 1.7 billion people globally who can't prove their identity.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now