Civic and Votem’s Partnership Accelerates Blockchain-Based KYC Process

Identity verification is paramount to international freedom and citizen entry to public companies. We see many examples of this right this moment by way of how obstacles to documentation adversely impression points like democratic voting processes, particularly amongst homeless communities and refugee settlements.

Today’s developments in blockchain expertise at the moment are enabling options to those and lots of different verification points. The use of distributed expertise reveals promise as a extra strong, cost-effective mechanism for advancing id belief and governance.

Civic, a supplier of blockchain identity-verification expertise, just lately introduced a partnership with expertise platform Votem to launch the primary Know-Your-Customer (KYC) system powered by its CVC token. This, in keeping with leaders at each corporations, alerts a serious leap ahead in making certain the safety and transparency of the KYC and accreditation processes.

Votem’s platform offers residents, organizations and governments world wide with the power to simply handle or take part in on-line voting. It is designed to enhance the effectiveness of voting by making certain the integrity of the method, together with the confidentiality of the voters’ selections and the validity of outcomes, for each private- and public-sector elections.

Through this partnership, Civic will present Votem with trusted id protocols, enabling a safe and clear surroundings, with out the dangers and prices related to accumulating and storing private id data.

An Early Use Case

For Votem’s public token presale for accredited buyers, which commenced on February 27, 2018, Civic is registering and authenticating the presale individuals with out the necessity for usernames and passwords. They are additionally verifying the id of every individual utilizing blockchain-powered attestations.

This course of begins with customers storing their id paperwork utilizing the Civic app. Civic, in flip, verifies the id of every potential participant within the Votem presale and, the place needed, conducts superior Accredited Investor checks for customers within the U.S.

Through using this new mannequin, Civic’s decentralized ID verification and KYC protocol is laying the groundwork for safety and professionalism within the token sale effort, making certain that Votem’s course of is safe from begin to end.

Civic CTO Jonathan Smith stated, “This collaboration marks another milestone for Civic’s ecosystem and for on-demand, secure and low-cost access to identity verification services. This partnership is especially impactful, not only because it is the first CVC-powered KYC, but because Votem also falls squarely in line with Civic’s long-term vision of bringing decentralized democracy to life through blockchain technology. With Civic and Votem coming together, fair and secure digital voting starts now.”

Pete Martin, CEO of Votem, concurred: “We believe this will set a new standard for token sales and are honored to be working with them in this regard. We also think this sets the groundwork for a long-term strategic partnership around the secure and accurate authentication of voters since we share a common vision of making voting more secure, accessible and verifiable. Votem was founded to improve free and fair elections around the globe and with our partnership with Civic, we know that we have a solid partner to help us achieve our mission.”

Orchestrating the Path Forward

In a telephone interview with Bitcoin Magazine, whereas navigating by means of the site visitors gridlock in San Francisco, Smith stated that Civic could be very enthusiastic about this being the primary KYC/ICO challenge that’s truly powered by the Civic token, a vital milestone for his or her platform.

“Votem has always been very close to the heart and core of our mission involving the empowerment of democracy through blockchain-based identity. This project highlights the importance of identity as a fundamental building block in which voting can occur whether in a corporate system or an international government election.”

In mild of Civic’s perception that democracy is a massively essential aspect in uplifting residents, Smith famous that Civic has had conversations with varied authorities entities all through the world. “At the end of the day, the entity has to decide what and in whom they will trust. That’s a big thing to leap over — how do I trust the data I’ve been given? Blockchain [technology] is a much better solution in terms of facilitating a strong measure of trust in the KYC provisioning of an identity. Our partnership with Votem offers a great way to demonstrate this.”