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Japan Unveils New Blockchain KYC Project

Blockchain KYC Project

GMO Internet is a Japanese digital services firm that has been developing a new blockchain KYC project. The blockchain based project is also known as a know-your-customer tool.

In an announcement, the company indicated that the application was intended to be used by banks when verifying the identities of new customers.

Upon explaining the system in an official press release, the company stated: “The user submits the personal information necessary for identity verification to the certification body, and signs the signature from the terminal owned by the principal. The certification body confirms the ‘personal information; of the users,’ generates ‘hash value of personal information,’ and records it on the blockchain in association with the address of the user associated with the signature.”

Currently, the mode for the tool has been created to be open-source, with GMO indicating that it will look to apply the tech in other parts of its wider business groups, including some of is existing identity services.

Further, this new tool came after the company’s latest launch of a cryptocurrency exchange in Japan. GMO has also announced plans to create a cloud mining service. Together, the firm is planning to spend tens of millions of dollars in the coming months to build the cryptocurrency mine.

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