Iota’s Web3 ID solution, developed in collaboration with Walt.id, IDnow, Bloom Wallet, and HAVN. It is set to address the longstanding challenges associated with KYC processes. Traditional KYC methods are often plagued by inefficiencies, high costs, and privacy concerns.
So, IOTA aims to overhaul this system by leveraging the power of DLT and tokenization to create a reusable KYC framework. This approach enhances security and user control, marking a significant advancement in digital identification.
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European Blockchain Sandbox initiative was launched by the European Commission in 2023. It provides a controlled environment for testing and validating DLT solutions across various industries. Each cohort includes up to 20 projects, allowing direct engagement with EU regulators. This interaction is crucial for refining solutions and ensuring they meet regulatory standards.
inclusion of Iota in the EBSI highlights the Commission’s recognition of the potential of its Web3 ID solution. By integrating DLT and tokenization, Iota’s system can streamline the KYC process, reducing costs and improving efficiency.
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Moreover, the reusable KYC system empowers users by giving them greater control over their data. It addresses privacy concerns that have become increasingly prevalent in the digital age.
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