Equifax partnered with Oasis Labs for creating a Web3 KYC solution
Equifax partnered with Oasis Labs for creating Web3 KYC solution.?Equifax?will now assist in creating an identity management and know-your-customer (KYC) platform for Web3 startups.
Today, Equifax disclosed that it had reached a deal with privacy-focused cloud company Oasis Labs. Equifax, the world's largest credit reporting company which is also most famous for one of the biggest data breaches ever, will now assist in creating a data privacy solution for Web3 projects including DeFi protocols and NFT projects. A privacy-focused KYC solution for Web3 startup companies will be provided by Equifax and Oasis Labs together.
On October 26, Equifax and Oasis announced that the latter would develop a decentralized identity management and KYC solution for the industry on Oasis' platform. For this Equifax's application programming interfaces (APIs) will be utilized to aid with checks and user identification.
Proponents of Web3 believe it would be more decentralized, based on blockchain networks, and use cryptocurrency to make it work.
Equifax and Oasis claim that a KYC solution with "good privacy protection" is currently unavailable in the Web3 domain. Web3 products do need to adhere to identity verification and KYC protocols although blockchain offers decentralization. As a result, the two businesses will collaborate to develop a solution by sending "anonymous KYC-ed credentials" to customers' Web3 wallets. As per report, Neither Equifax nor Oasis company gave more information regarding its technology.
Equifax suffered a significant data breach in 2017 that exposed the personally identifying information of 143 million U.S. consumers. According to cybersecurity firm UpGuard, there were around 163 million compromised private records worldwide. Out of which 148 million belonged to Americans and this is making it the thirteenth greatest data breach in American history. As a result of the incident, Equifax spent $1.4 billion on legal fees and strengthening its security measures. In order to resolve enforcement cases with every state in the United States, the corporation was required to pay a $700 million fine which was levied by the Federal Trade Commission, and the Consumer Financial Protection Bureau in July 2019.
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