Equifax, Notorious for Huge Data Breaches, Develops Web3 KYC Solution
Equifax, which suffered a huge data breach in 2017, has partnered with privacy-focused blockchain company Oasis Labs to a decentralized identification offer for Web3 companies.
New
Credit reporting firm Equifax, known for suffering one of the largest customer data breaches to date, has partnered with blockchain firm Oasis Labs to create a Know Your Customer (KYC) solution ).
Equifax and Oasis said Oct. 26 that the latter would create a decentralized identity management and KYC solution for the industry on Oasis' platform that would leverage application programming interfaces (APIs ) from Equifax to facilitate user verification and identification.
The announcement makes no mention of the exact technology that will underpin this offering and Cointelegraph's request for comment was not immediately responded to by either company.
Both companies believe that there is no Web3-friendly KYC solution with "enhanced privacy protection" and their proposed offering is intended to fill this gap by issuing anonymized KYC credentials on individual wallets.
These credentials will be continually updated as advertised and Oasis pledges that its "privacy preservation capabilities" will ensure data is treated confidentially while keeping track on the blockchain of the company.
Web3 companies offering similar solutions based on decentralized identity are Dock and Quadrata, each offering a product based on decentralized identity.
The partnership might worry some Web3 natives given the massive data breach suffered by Equifax in 2017. Approximately 163 million private records worldwide were compromised, including 148 million US citizens, making it the 13th largest data breach in US history according to cybersecurity firm UpGuard.
Related:
Equifax, which suffered a huge data breach in 2017, has partnered with privacy-focused blockchain company Oasis Labs to a decentralized identification offer for Web3 companies.
New
Credit reporting firm Equifax, known for suffering one of the largest customer data breaches to date, has partnered with blockchain firm Oasis Labs to create a Know Your Customer (KYC) solution ).
Equifax and Oasis said Oct. 26 that the latter would create a decentralized identity management and KYC solution for the industry on Oasis' platform that would leverage application programming interfaces (APIs ) from Equifax to facilitate user verification and identification.
The announcement makes no mention of the exact technology that will underpin this offering and Cointelegraph's request for comment was not immediately responded to by either company.
Both companies believe that there is no Web3-friendly KYC solution with "enhanced privacy protection" and their proposed offering is intended to fill this gap by issuing anonymized KYC credentials on individual wallets.
These credentials will be continually updated as advertised and Oasis pledges that its "privacy preservation capabilities" will ensure data is treated confidentially while keeping track on the blockchain of the company.
Web3 companies offering similar solutions based on decentralized identity are Dock and Quadrata, each offering a product based on decentralized identity.
The partnership might worry some Web3 natives given the massive data breach suffered by Equifax in 2017. Approximately 163 million private records worldwide were compromised, including 148 million US citizens, making it the 13th largest data breach in US history according to cybersecurity firm UpGuard.
Related:
What's Your Reaction?
