The post EU Endorses IOTA’s Cutting-Edge Solution: A New Dawn for KYC in Web3? appeared on BitcoinEthereumNews.com.

IOTA Foundation in partnership with walt.io have taken a major step forward for blockchain and digital identity solutions with the IOTA Foundation Web3 Identification Solution id, IDnow, Bloom Wallet and HAVN have been selected to participate in the European Blockchain Sandbox.  Startupp acted as the EU approved regulatory experimentation sandbox by the European Commission on applications of DLT upon the initiative from some institutions of the European Parliament. This choice outlines how IOTA can disrupt Know-Your-Customer (KYC) of the Web3 course of life by showcasing its novel strategy and capabilities. Launched in 2023, the European Blockchain Sandbox aims to encourage such innovation by enabling up to 20 projects each year to trial and further develop their DLT solutions in a controlled environment.  This event not only demonstrates the more than practical strengths of the IOTA system at a greater global scale, but also provides an important opening for the oncoming regulatory conversation on decentralised finance (DeFi), as well as privacy where it concerns Web3 applications. The conversation is relevant in the backdrop as regulators across Europe reassess their approach to the rapidly growing decentralized finance sector. Changing the face of KYC through decentralized methods Challenges of traditional KYC are well-documented inefficiencies in their operations, lack of cost-effectiveness, and potential for privacy force majeure.  Recognizing these challenges, our partners and IOTA have developed a state-of-the-art KYC system to easily create KYC for Web3 identity maintenance and management that enables KYC, while keeping users data protected through the use of DLT and tokenization technologies. This novel approach enables users to keep their personal data under control securely and trustfully back digital interactions. In short, the process commences with an IDnow Remote identification to comply with stringent EU Anti-Money Laundering and KYC regulations. The required identity verification is then tokenized by walt. Staked…

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Filed under: News - @ June 14, 2024 4:26 am