Quick take:
- Oasis Labs has teamed up with Equifax to develop a web3 Know your Customer (KYC) solution.
- The two companies are creating an identity verification system to curb fraud in web3.
- The system will prevent users from logging into marketplaces using fake identities.
Oasis Labs has jumped on the web3 identity bandwagon in partnership with Equifax.
Oasis Labs is ramping up its web3 security services with the launch of a digital identity verification solution.
The decentralised data management and privacy company has collaborated with Equifax, a consumer credit and analytics company based in Atlanta, Georgia.
The two companies will co-develop an all-in-one ‘know your customer’ (KYC) identity management solution that will help to identify malicious actors before they cause harm.
The Equifax Compliance Data Center will provide ongoing checks and monitoring to snap out bad actors.
Expressing his excitement in partnering with Equifax to develop the web3 identity verification solution, Professor Dawn Song, founder of Oasis Labs said: “Equifax is an innovative leader in the financial services space and brings highly credible and reliable data that will help drive more trust in using blockchain technology for real use cases.
We are working to not only build a better, more efficient decentralized identity and on-chain KYC solution but to help accelerate the adoption of Web3 and bring more trust to the industry.”
The solution will leverage Equifax’s multi-faceted identity verification protocols that include Digital Identity Trust, Secure Multi-factor Authentication (MFA), Knowledge-Based Authentication and Document Verification, to verify identity and establish trust between transacting parties.
“As the Web3 economy continues to evolve, so does the need to further expand and evolve identity management and KYC solutions to help reduce risk and instil confidence in on-chain transactions,” said Joy Wilder, U.S. information solutions chief revenue officer and SVP of global partnerships at Equifax.
Oasis Labs and Equifax are not the only companies thinking that developing a foolproof solution for identity verification in web3 is crucial to bringing the technology to the masses.
This week, US investment banking giant JPMorgan through its web3 subsidiary Onyx announced plans to develop a blockchain-based ID system, that will enable users to store, view and access all their assets in one place.
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