Equifax—identified for big knowledge breach—is constructing a Web3 KYC resolution
Credit score reporting firm Equifax, identified for affected by one of many largest buyer knowledge breaches up to now, has partnered with blockchain firm Oasis Labs to construct a Know Your Buyer (KYC) resolution.
Equifax and Oasis said on Oct. 26 that the latter could be constructing a decentralized identity administration and KYC resolution for the trade on Oasis’ platform which is able to leverage Application Programming Interfaces (APIs) from Equifax to assist with checks and consumer identification.
The announcement made no point out of the precise expertise which is able to underpin this providing and Cointelegraph’s request for remark was not instantly responded to by both firm.
Each corporations imagine there hasn’t been a KYC resolution tailor-made to Web3 with “sturdy privateness safety” and their proposed providing is ready to handle this hole by issuing anonymized KYC credentials to people’ wallets.
This credential will likely be repeatedly up to date in line with 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 corporations providing comparable options based mostly round decentralized identification are Dock and Quadrata with every providing a product constructed round decentralized identification.
The partnership may have some Web3 natives involved contemplating the numerous knowledge breach Equifax suffered in 2017. Round 163 million worldwide personal data have been compromised with 148 million being U.S. residents making it the thirteenth largest knowledge breach in U.S. historical past according to cybersecurity firm UpGuard.
Associated: Zero-knowledge KYC could solve the privacy vs compliance conundrum — VC partner
Attackers focused a third-party internet portal with a identified vulnerability that was patched however Equifax had didn’t replace to the newest model, the hackers gained entry to the corporations’ servers for round two and a half months all of the whereas siphoning hundreds of thousands of data containing delicate data.
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 wonderful in July 2019 which the agency settled.