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News

Elastos joins forces with The Metaverse Bank

Wednesday 7 February 2024 15:12 CET | News

Elastos has partnered with The Metaverse Bank (TMB) to deliver decentralised digital ID services, to enable users to verify any form of personal credential securely. 

According to the official press release, the service is set to cover a range of applications, from eKYC banking verification to educational qualifications. Including professional references, age, resident or fiscal status, or any other credential that may be required.  

The decentralised verification process offers individuals complete autonomy over shared information, eliminating intermediaries. This ensures full control and privacy, with no data exchange or retention by third parties.

Elastos has partnered with The Metaverse Bank (TMB) to deliver decentralised digital ID services, to enable users to verify any form of personal credential securely.

The Metaverse Bank uses Blockchain technology to log, secure and reconcile transactions based on any type of value denomination whether it be a financial asset, access/usage rights, ownership or any other form of credential, including identity. Thanks to the development and use of EDAs the nature of the asset is effectively irrelevant.  

EDAs, facilitated by Blockchain, contain all the information not just the value of the asset, including ownership, provenance, history and, even, physical location or jurisdiction. Users on either side of the transaction retain autonomy to choose their preferred asset, such as personal identification, ensuring flexibility and control throughout the exchange process. 

Decentralised digital IDs (DIDs) are central to Elastos’ vision for Web3; a so-called SmartWebwhich transforms the Internet into a user-driven, interactive ecosystem. 

The company stated that it is about merging decentralised technology and security, transitioning from centralised control to a more democratic space where users own and control their data. Through its partnership with TMB, users will be able to verify their credentials on their terms, retaining full and absolute control over what they share and for what purpose. 

TMB’s service is empowered by its Enigma3, an AI driven platform that can recognise and reconcile any form of transactional value, enabling individuals to connect directly with service providers. Per the announcement, the entire infrastructure has been developed in accordance with Open Banking standards. 

Officials from TMB commented that the absence of an intermediary controlling access and use removes the last barrier to entry; such systems are more inclusive than their centralised predecessors. 

About The Metaverse Bank 

The Metaverse Bank is a transaction platform custom-built for the Metaverse and Web3 business models to allow payments and other transactions to move seamlessly between encrypted tokens and real-world assets. It is based on the Enigma3 engine driven by AI to facilitate multi-inclusive economic models.  

About Elastos 

Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The company's mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.

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Keywords: online security, digital identity, blockchain, metaverse, web3
Categories: Fraud & Financial Crime
Companies: Elastos, The Metaverse Bank
Countries: Singapore, United Kingdom
This article is part of category

Fraud & Financial Crime

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Elastos

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The Metaverse Bank

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