ID firm to use cryptocurrency

16/08/17

AuthenticID plans to offer a cryptocurrency token as part of a larger "Smart Identity" effort to more options to people and businesses who have requirements to authenticate the identity of a person, usually initially with a government ID.

AuthenticID says its token will provide identity intelligence solutions for both on and off blockchain use cases, including solutions which provide mobile phone based identity authentication to meet anti-money laundering (AML) and know your customer (KYC) requirements.

"This will enable customers to convert cryptocurrency to fiat currency after a successful crowdsale. AML and KYC needs, and other factors in blockchain architecture, have inhibited or stalled adoption in industries such as healthcare and financial services. AuthenticID believes this token will be key to opening blockchain to wider use".

"The ability to properly qualify investors so that crowdsale proceeds can be exchanged to cash is as important as being in compliance with SEC securities regulations for an ICO or crowdsale," said Andy Singleton of Maxos. "This is a real issue presently facing the blockchain community and AuthenticID provides both services today," concluded Singleton.

While the AuthenticID tokens will be sold, the long-term vision AuthenticID has for embracing and extending the blockchain includes the development of an Open Source protocol for Smart Identity Contracts that manage identity trust in all transactions utilizing the integration of on-blockchain and off-blockchain data. Having a free option through Open Source will help the AuthenticID model become a widely accepted, and expected, standard for identity authentication.

"AuthenticID is positioned to immediately help the blockchain community to make their crowdsale results AML and KYC compliant," said AuthenticID Chief Evangelist, Blair Cohen. "We are excited that this is the first piece of our Smart Identity offerings to roll out and we think our customers will be excited by their range of options as well as their flexibility," added Cohen.

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