The post Ankr blockchain unveils new product to enhance privacy and compliance in Web3 authentication appeared on BitcoinEthereumNews.com.

Ankr, a key player in the Web3 development sector, has recently launched its new product, “Ankr Verify.” This innovative solution is designed to redefine user authentication across blockchain and decentralized applications, using zero-knowledge user identity verification. Also, this new product aims to combine compliance with KYC (Know Your Customer) standards and the unique privacy benefits of blockchain technology. Revolutionizing user identity verification The introduction of Ankr Verify marks a significant advancement in Web3 user authentication. This tool is particularly crucial for businesses and organizations that operate within the blockchain space. The new product enables these entities to validate user data and adhere to regulatory requirements without compromising user privacy by employing zero-knowledge cryptography. This method of user verification is a departure from traditional KYC practices. Instead of requiring users to share sensitive personal information, this product allows the verification of user attributes through Synaps, a regulated KYC firm. Synaps will be the sole entity with access to, and responsibility for, the verification and storage of user data. This approach ensures that Ankr and other companies, protocols, or apps will not have direct access to sensitive user information. Enhancing user experience in Web3 Ankr Verify is not just about compliance and privacy. It’s also geared towards improving the overall user experience in the Web3 ecosystem. It functions similarly to a single sign-on system for the decentralized web, allowing users to verify their private information just once to gain access to a wide range of applications. This feature is expected to provide users with a more seamless and hassle-free experience when navigating through different decentralized platforms. Furthermore, the product is set to facilitate government-sanctioned use cases within the Web3 domain. By marrying the best practices of KYC compliance and Decentralized Identity (DID), the product opens up new possibilities for blockchain applications while…

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Filed under: News - @ December 13, 2023 1:16 am