Blockchain Development Blockpass highlights Self Sovereign Identity Solution - Infinity Blockchain Labs

Blockchain Development Blockpass highlights Self Sovereign Identity Solution

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January 9, 2018

Earlier in November during Singapore Fintech Festival, the head of Singapore’s central bank Ravi Menon gave a speech about how blockchain development will play a pivotal role in the city-state’s “fintech journey” and in regional cross-border financial settlement. It was only fitting that the Blockpass team witnessed his speech and participated in this event as we seek to build Blockpass as a “Passport for a Connected World” — a globally shared platform in identity verification services.

Blockchain Development Blockpass highlights Self Sovereign Identity Solution

Blockpass began its own journey in the spring of this year with the formation of a joint venture between Infinity Blockchain Labs (IBL) in Vietnam and Chain of Things (CoT)  in Hong Kong. Together, we have formed a strong partnership that is delivering on a business and platform development plan with comprehensive marketing and brand building, product development, and a intended token generation event.

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Blockpass Business Model and Marketing Efforts

The primary mission of Blockpass’ marketing efforts is to generate awareness of the identity verification platform and to build a global brand. Earlier this year, we began a marketing campaign utilising both offline and online methods. This includes attendance, exhibiting, sponsoring and speaking at key blockchain, fintech, IoT, regtech and specific industry events. In 2017, Blockpass has already participated in the London Fintech Week, Global Blockchain Summit in Shanghai, Smart IoT Singapore, Ethereum’s Devcon3 in Cancun, Singapore Fintech Festival, and Asia Logistics and Maritime Conference in Hong Kong, and is committed to being involved in Blockchain Expo North America in Silicon Valley, Vietnam Retail Banking Forum, and Silicon Valley InsureTech. We have also recently held Blockpass branded or sponsored workshops in London, Singapore and Hong Kong. Online, we have begun a regular blockchain-centric blog, a weekly newsletter, and are launching a regular Blockpass TV video podcast. In the New Year, we also plan to roll out an intensive advertising and social media plan targeting crypto-enthusiasts and regular token investors.

In terms of business development and sales, we have adopted a lead generation approach that is already bearing fruit in merchant prospects and potential sales channel partners. Our ultimate goal for Blockpass’ model is that it serves as an identity verification for the Internet of Everything — namely humans, businesses, objects and devices. In the initial phase, we are focusing on developing KYC human identity verification as well as servicing token projects, ICOs and businesses in the crypto-economy. These are the “lower hanging fruit” that are the easiest to convert into customers and members of the platform, and generate early revenue for the platform.

This is the case because, in the blockchain development and cryptocurrency sector, there is a major need for an identity protocol to allow for compliant interactions on public, permissionless blockchain protocols. Most governments require or will require that blockchain businesses and crypto-tokens follow regulatory anti-money laundering (AML) and know-your-customer (KYC) requirements when bringing on customers or investors. However, such identity verifications take several days or weeks to complete, slowing down user onboarding and leading to significant barriers to entry. The cost of compliance for blockchain businesses is extremely high, representing as much as 20% of their total operating costs. We are thus positioning Blockpass in our marketing and branding efforts as a platform designed to solve this problem. Blockpass is a shared infrastructure for blockchain development businesses to share a verified user base and reduce this cost of on-boarding customers.

The surge in the amount of token offerings or ICOs is particularly compelling for the Blockpass business model. Many ICOs have raised significant funds but do so without verifying the identity of investors. Some projects have raised over USD200 million completely from anonymous investors. Fearing money laundering, terrorist financing and ponzi schemes, governments around the world plan greater regulation of token offerings and the blockchain ecosystem in general. Some countries, like China and South Korea, have completely outlawed ICOs altogether.

With its built-in Regtech and identity verification system, Blockpass is thus well positioned to be the regulatory “gold standard” for crypto-token issuance and customer onboarding for banks, credit cards, exchanges and money transfer platforms operating in the blockchain ecosystem. We plan to begin on-boarding test merchants and token projects to the platform in the first quarter of 2018.

Blockpass — Solution for Self-Sovereign Identity

Blockpass provides users with a solution for self-sovereign identity while limiting hacking risks.

Following recent massive data breach scandals involving giant companies like Yahoo, Uber and Equifax, it has become more and more evident that centralization of personal user data should be avoided wherever possible.

With Blockpass and the use of blockchain, we are in a position where we can propose alternative solutions to centralize data storage that will provide two huge benefits to consumers and service providers alike.

  1. Users are in control of their identity and only they can decide who can access it
  2. No centralized server stores sensitive personal data

In order to ensure that we achieve these to game-changing factors, Blockpass follows several crucial steps. Firstly, when a user submits their identity details and documents to Blockpass for verification, a copy is only stored locally and encrypted with a password on the user’s on the user’s mobile device. The user is the only person who holds the password that can decrypt it.

After Blockpass receives the data and hashes it as described above, all data are completely erased from the Blockpass servers. From that point forward, user data only exist on the mobile phone of the user and nowhere else until he or she decides to share them with third-party service providers. This gives the user complete control over their personal information.

This specificity of Blockpass is also extremely powerful in limiting the risks of hacking and data breaches. If hackers manage to breach our servers, they will find only unreadable data that have no value to them, whatsoever.

Blockpass Token

The native token of the Blockpass ecosystem, PASS, is to be issued as an ERC20 token on the Ethereum blockchain. Backers will be able to download the Blockpass App and submit their KYC data. Once verified, users will connect their wallet to their Blockpass ID. Our backers during the pre-sale will then receive their PASS tokens on their wallet. Users should note that PASS tokens are only transferrable to other Blockpass users. We will update you shortly on when you will be able to receive your tokens.

Blockpass Product Roadmap

Our goal for full release of the Blockpass app is March 2018. In the meantime, backers of Blockpass will be able to download the app and use limited functions for the purpose of accessing their Pass tokens.

The Beta Product release is set for 31 December 2017. This release is exclusively for early investors and will include the following characteristics:

  • Beta version of iOS and Android mobile application for creating a verified identity on the blockchain
  • A web service to register an Ethereum address where tokens will be transferred
  • ERC20-compatible PASS Token smart contract on Ethereum blockchain

The recommended wallet to receive PASS token will be the Infinito Wallet

The Public Product release is set for 31 March 2018 and will include the following features:

  • Version 1.0 of Blockpass iOS and Android mobile application
  • Admin tools for managing user identity verification

About Blockpass IDN

The goal of Blockpass IDN (http://www.blockpass.org/) is global realization of identity for the Internet of Everything. Through the use of blockchain technology and smart contracts, Blockpass is a production ready Regtech platform offering shared regulatory and compliance services for humans, businesses, objects and devices. As this identity system supports verification of humans (KYC), objects (KYO) and connected devices (KYD), it will enable the development of new applications that rely on a trusted connection between human, corporate, and device identities. Registered in Hong Kong, Blockpass IDN is a joint venture of Infinity Blockchain Labs and Chain of Things. Blockpass IDN licenses its technology from the non-profit Blockpass Foundation, registered in the Isle of Man.

Twitter : @blockpassorg

Facebook: @blockpassorg

Medium: @blockpass

Telegram: @blockpass

About Article Re-Publisher and Team Behind Blockpass – Infinity Blockchain Labs

Infinity Blockchain Labs  is the leading blockchain R&D company with numerous labs aimed at creating solutions for different sectors and partners with the goal of promoting blockchain adoption. They aim to create products and services that meet the expanding needs of blockchain enthusiasts.

As a pioneer in the technology, IBL hopes to help blockchain development impact as many diverse fields and technologies as possible to nurture global development. To do so, IBL relies on a wide range of expert partners to power blockchain growth. Blockpass is a perfect example collaborative product and force for  information sharing. With enough partnerships, IBL can help blockchain fuel the future.

You can learn more about Infinity Blockchain Labs (IBL) and stay current with our activities by visiting our website and social media accounts below

Facebook: facebook.com/infinityblockchainlabs

Twitter: @infinityblockchainlabs

LinkedIn: Infinity Blockchain Labs

Contact: Nicole Nguyen PR@blockchainlabs.asia

Thomas Leiritz thomas.leiritz@blockpass.org

About Chain of Things

Chain of Things Limited (http://www.chainofthings.com) is integrating blockchain development and IoT to help establish standards of device identity from birth to enable greater IoT security and interoperability. Chain of Things has conducted significant efforts into researching these technologies and using them to develop efficient next generation applications directed at industrial, environmental, and humanitarian solutions through corporate partnerships, joint ventures, and internal projects.

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