Equifax and blockchain company Oasis Labs will be offering a KYC solution for Web3. It will be a platform for decentralized ID management and anonymously issuing credentials.
The announcement made no mention of the exact technology which will underpin this offering and Cointelegraph’s request for comment was not immediately responded to by either company.
Both firms believe there hasn’t been a KYC solution tailored to Web3 with “strong privacy protection” and their proposed offering is set to address this gap by issuing anonymized KYC credentials to individuals’ wallets. This credential will be continuously updated according to the announcement and Oasis pledges its “privacy-preserving capabilities” will ensure data is processed in confidence whilst maintaining a trail on the company's blockchain.
Web3 firms offering similar solutions based around decentralized identity are Dock and Quadrata with each offering a product built around decentralized identity. The partnership could have some Web3 natives concerned considering the significant data breach Equifax suffered in 2017. Around 163 million worldwide private records were compromised with 148 million being U.S. citizens making it the 13th largest data breach in U.S. history
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