Oasis Labs, a privacy-first cloud computing platform on blockchain technology, announced a partnership with Equifax, a global data, analytics and technology company, to deliver a best-in-class identity management and Know Your Customer (KYC) credentialing solution for Web3 companies and individuals wishing to participate in the Web3 economy, anywhere in the world.
Powered by award-winning identity, fraud and compliance data from Equifax, Oasis will build a first-of-its-kind decentralized identity management and KYC solution for Web3 on the Oasis Platform. The ability to conduct KYC due diligence, and perform ongoing monitoring, will be integrated into the Oasis Network, a privacy-first blockchain platform that supports confidential compute, individual data rights and governance that puts sensitive data to use while keeping it secure and private.
Oasis will leverage a powerful suite of Equifax Cloud™ enabled Application Programming Interfaces (APIs), including Digital Identity Trust, Secure Multi-factor Authentication (MFA), Knowledge Based Authentication and Document Verification, to help verify identity and establish trust between transacting parties. Watchlist screening and ongoing monitoring will be powered by the Equifax Compliance Data Center to support KYC checks and identification of bad actors. The KYC credential will be issued and continuously updated, using the confidentiality capabilities of the Oasis Platform. Oasis’ unique privacy-preserving capabilities ensure that individual identity data is processed with confidentiality while maintaining proof of correctness and audit trails on-chain on the Oasis Network.
“We are excited to partner with Equifax in this Web3 endeavor,” said Professor Dawn Song, founder of Oasis Labs. “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.”
Web3 companies, users of DeFi protocols, and NFT projects need to perform identity verification and KYC for regulatory compliance according to the guidelines set by the Financial Action Task Force (FATF). Furthermore, establishing a valid identity is required to remove pseudonymous IDs in activities such as voting, NFT drops and a growing number of scenarios.
To achieve compliance requirements, companies typically rely on third-party KYC providers, but so far there hasn’t been a KYC solution tailored to the Web3 space with strong privacy protection. The proposed solution will address this gap for Web3 with strong security and privacy protection by processing data ephemerally and issuing Anonymous KYCed Credentials into the individual’s wallet.
“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 instill confidence in on-chain transactions,” said Joy Wilder Lybeer, U.S. Information Solutions Chief Revenue Officer and Senior Vice President of Global Partnerships at Equifax. “Our partnership with Oasis Labs is an example of how Equifax creates opportunities for crypto-currency providers and blockchain technology by combining on-chain and off-chain data and technology.”
Oasis’ vision is to propel Web3 forward, helping to scale it and evolve it from infancy to practical and tangible usage while enabling data sovereignty for individuals and responsible data use. Partnering with Equifax is a significant milestone that will help realise this vision.