Netki releases digital ID solution for blockchain
23 May 2017 18:37 GMT

Wallet and identity provider Netki has launched a digital identity solution that it says will improve compliance gap for blockchain use across business, finance and healthcare. The service provides automated onboarding and validation of new customers, and easy sharing of digital identities, thus closing a critical compliance gap that limits blockchain innovation and adoption. The Netki Digital ID works across both private and public blockchains, and can be embedded into a variety of finance, healthcare and business applications. Netki also announced its first customer deployment with Bitt, a Caribbean fintech company that provides a mobile wallet and low-fee service for sending and receiving money globally. Users can process transactions from their mobile device and send payments for goods or services locally from island to island, over the internet, or directly to friends and family anywhere around the world. The Bitt wallet works as easily as using email, and dramatically changes banking and payments for individuals and institutions in the Caribbean islands. "Blockchain is a game-changing technology that promises to re-define the financial system -- but it won't get there if we can't address global legal and compliance requirements," said Justin Newton, Netki's founder and CEO. "Digital identity is a fundamental requirement for compliant blockchains. We're excited to do our part by delivering a production-ready service that makes blockchain safe for mainstream adoption -- and makes identity as easy to manage as PayPal." Netki's Digital ID is designed to reduce the risk of blockchain transactions, while supporting compliance needs for financial institutions, money service businesses and medical record systems. Netki's service enables easy capture of an individual's documents and biometrics via their smartphone, along with multiple levels of automated and manual verification -- including database checks, machine learning and biometric analysis. Netki's onboarding also addresses a broad range of Know Your Customer (KYC), Anti-Money Laundering (AML) and customer privacy requirements.