Credit score reporting firm Equifax, recognized for affected by one of many largest buyer knowledge breaches thus far, has partnered with blockchain firm Oasis Labs to construct a Know Your Buyer (KYC) resolution.
Equifax and Oasis mentioned on Oct. 26 that the latter can be constructing a decentralized id administration and KYC resolution for the business on Oasis’ platform which can leverage Software Programming Interfaces (APIs) from Equifax to assist with checks and person identification.
The announcement made no point out of the precise expertise which can underpin this providing and Cointelegraph’s request for remark was not instantly responded to by both firm.
Each companies imagine there hasn’t been a KYC resolution tailor-made to Web3 with “sturdy privateness safety” and their proposed providing is about to deal with this hole by issuing anonymized KYC credentials to people’ wallets.
This credential can be repeatedly up to date in response to the announcement and Oasis pledges its “privacy-preserving capabilities” will guarantee knowledge is processed in confidence while sustaining a path on the corporate’s blockchain.
Web3 companies providing comparable options based mostly round decentralized id are Dock and Quadrata with every providing a product constructed round decentralized id.
The partnership might have some Web3 natives involved contemplating the numerous knowledge breach Equifax suffered in 2017. Round 163 million worldwide non-public information have been compromised with 148 million being U.S. residents making it the thirteenth largest knowledge breach in U.S. historical past in accordance to cybersecurity firm UpGuard.
Associated: Zero-knowledge KYC might resolve the privateness vs compliance conundrum — VC companion
Attackers focused a third-party net portal with a recognized vulnerability that was patched however Equifax had did not replace to the most recent model, the hackers gained entry to the companies’ servers for round two and a half months all of the whereas siphoning tens of millions of information containing delicate info.
It was reported that Equifax spent $1.4 billion on authorized charges and strengthening its safety posture following the incident. The U.S. Federal Commerce Fee and Client Monetary Safety Bureau issued a $700 million superb in July 2019 which the agency settled.
