KILT Protocol is teaming up with Integritee for allowing SocialKYC service to be publicly audited by users
Web 3.0 Identity Verification KILT Protocol officially announces its partnership with Integritee Network to develop a new decentralized identity engine that will help people regain control of their digital identities – SocialKYC.
Integritee Network quickly posted this information on Twitter:
📢 Integritee is teaming up with @Kiltprotocol for SocialKYC, a blockchain identity service. 💥🚀
The collaboration could enable SocialKYC to be validated by users on a public ledger. For full details, read our announcement post:👇https://t.co/8OK4KQOrGj
— Integritee Network (@integri_t_e_e) October 19, 2021
KILT Protocol collaborate with Integritee Network for SocialKYC authentication
As reported by AZCoin News, KILT Protocol, the open-source blockchain protocol that solves the problem of decentralized identity management, has revealed its new product SocialKYC. It is an all-in-one solution for further identity verification, protecting sensitive information for users.
This partnership will empower SocialKYC to be publicly audited on a blockchain ledger. Also, recently, the KILT protocol raised 220,000 KSM from the community by crowdloan and became the winner of the second round of Kusama’s Parachain auction. After that, the project also launched the mainnet and will soon become fully decentralized.
Know Your Customer (KYC) is the registration process users need to access services such as opening a bank account or signing up for an exchange. Users must verify their identity by providing a photo of their passport or utility bill, all of which is then stored on centralized servers.
Meanwhile, the SocialKYC approach to sensitive personal data is entirely different from the approach of Web 2.0 systems. It will forget the user’s credentials when permitted by the system. With SocialKYC, KILT takes a new approach by allowing users to verify their identities by proving they control their social media accounts and email addresses.
This is also a challenge for users. For example, you have to post a set of codes on one of your social accounts or click on a link in an email. SocialKYC will then send verifiable login information to the user, presenting it to third parties to verify their identity. Unlike standard KYC processes, this verification process does not involve centrally stored data.
Through the partnership with Integritee Network, SocialKYC can operate in a Trusted Execution Environment (TEE), ensuring the authenticity of the SocialKYC code. In addition, third parties can verify that SocialKYC does not store any customer data.
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