The next-generation blockchain platform Qtum and leading digital identity solution provider Blockpass are set to make on-chain KYC a whole lot more accessible to blockchain startups thanks to a new partnership between the two.
As per today’s press release, Qtum is set to help projects building on its solution easily attain regulatory compliance by offering subsidies for Blockpass’ KYC solutions — allowing firms to easily and securely verify the identity of their customers and users.
“Blockpass’ solution has exceeded our expectations when it comes to cost, which is an order of magnitude cheaper than traditional services, and its ability to only allow non-sensitive pieces of information to touch the blockchain,” said Jordan Earls, Qtum’s co-founder.
Qtum is an advanced public blockchain platform that is secured by a novel Proof-of-Stake (PoS) consensus mechanism, and utilizes both Ethereum’s smart contract technology and Bitcoin’s Unspent Transaction Output (UTXO) model to enable highly secure, powerful smart contracts and decentralized applications (dApps).
Thanks to its Decentralized Governance Protocol (DGP), Qtum benefits from mass scaling without the need for a hard fork. Because of this, it has found itself a hotbed for developers, who look to leverage its speed and low transaction fees to build powerful decentralized finance (DeFi) applications.
On the other hand, Blockpass is a renowned digital identification provider that performs comprehensive KYC and AML screens using its custom-built technology, — making securely onboarding customers an inexpensive process and painless task for users. To support its customers during the pandemic, the company is currently offering an up to 90% discount on its range of services — reducing the price of a single KYC screen to as low as $0.12.
Adam Vaziri, the CEO of Blockpass said, “We’ve known and been fans of the Qtum team and network for a long time, and it’s great to have the opportunity to work closely with them.”
By using Blockpass’s on-chain KYC solutions, Qtum is set to become one of the very first blockchain platforms to enable projects to securely onboard verified users through a blockchain-based KYC solution, achieving regulatory compliance with sacrificing the privacy and security of their users.
“On-chain KYC will become a critical component for numerous protocols on the decentralized web,” added Jordan Earls, the co-founder of Qtum.
In addition to bringing regulatory compliance, Qtum is to improve on the capabilities and utility of Qtum Core, Qtum Infrastructure, and Neutron. These improvements will include developing testnets that can process faster blocks, a new more efficient staking solution, as well as launching several new decentralized applications, further building out its growing DeFi landscape.