Blockpass is a blockchain project that aims to offer simple digital verification for all businesses that need it. The company prides itself as a KYC-as-a-Service for Regulated Industries.
What sets Blockpass apart from all other digital verification companies is their ability to offer an alternative but efficient process to the expensive and repetitive KYC and AML verification process through their easy to use platform.
We recently had the opportunity to meet with the team behind this unique blockchain project and had a chat with them. Below are the questions we asked them about this project and the answers that they gave to us.
Interview with the Blockpass team
How did Blockpass start and what was the main idea of the project?
At the beginning of the token offerings bubble in 2017, co-founder Adam Vaziri and Hans Lombardo, saw that there was going to be a need for compliance in blockchain and cryptocurrency. We decided that our identity protocol needed to be focussed on KYC/AML verification because we saw that governments would eventually force crypto exchanges and digital asset platforms to adhere to compliance. We were
What is Blockpass now?
Blockpass is a shared, hosted KYC SaaS (software-as-a-service) for businesses in regulated industries, including crypto wallets and exchanges, virtual banks, traditional financial institutions and gaming. Blockpass provides an alternative process to cumbersome, repetitive and expensive Know Your Customer (KYC) and Anti-Money Laundering (AML) verification through an easy-to-use user application and seamless merchant dashboard.
Can you explain how your KYC Connect product works?
Businesses can sign up to Blockpass KYC Connect and within minutes start conducting KYC and AML checks on their customers who seamlessly on-board via web registration or mobile app. They register at console.blockpass.org and create a service with free testing, no setup cost, and no integration. They embed link into their sight that effectively makes the process whitelabel. They can then immediately start using KYC Connect to authenticate customers’ identity documents including passports and national IDs, match selfie photos to IDs, check Proof of Address such as utility bills, as well as conduct AML checks against Adverse Media, Politically Exposed Person (PEP), and Sanctioned countries lists that are ongoing, real-time. KYC Connect is the only instant out-the-box KYC/AML SaaS that is pay-as-you-go and with no setup fee.
Why is the PASS token so important for the whole project?
PASS is a pioneering token with KYC application embedded into its smart contract. This means that in order for holders of PASS to transfer the token, they must complete KYC via Blockpass. This not only fulfills compliance of many regulators, it also allows Blockpass to build a whitelist of wallet addresses for all kinds of distributed applications for regulator industries.
Is the PASS token the main competitive advantage of Blockpass?
No. Blockpass is blockchain agnostic and does not need a blockchain to operate. It is a standalone cloud based application with blockchain-like cryptographic technology. It’s competitive advantage is as an instant, out-of-the-box KYC/AML SaaS that is pay-as-you-go and has no setup fee or integration requirement.
What are the future plans for Blockpass?
Blockpass continues to build its network of more than 50,000 users. PASS Club members, who have passed a minimum level of verification, are eligible for privileged access using their Blockpass identity to a range of Club perks, including special offers and opportunities to earn PASS rewards. This includes Marketplace, one-stop hub for emerging financial services, digital asset custody provision, crypto crowdfunding participation, and other exclusive offers for Blockpass Identity holders.
Using Blockpass KYC protocol, we also plan to release versions that will permit verification of businesses and investors for regulated investments and commerce.
From the above discussions, you can see that the project dev explained the reason behind choosing this path in the blockchain industry. The team member explained the usefulness of this project for both individuals and businesses.
The Blockpass project team explained that even though the PASS token is a vital integration of the platform, the project can still ultimately function without it.
Many blockchain projects have promised unrealistic goals or offered to solve problems that have already been addressed by existing companies. Still, the Blockpass project is a unique, attainable, and excellent project.
We wish them good luck with actualizing their dream to make KYC and AML an easy process for everyone.
You can find more information about this company on their official website https://www.blockpass.org .