Blockchain
Oasis Labs, the privacy-focused cloud computing agency and Equifax introduced a brand new partnership on Wednesday.
Equifax’s id, fraud, and compliance information — which powers its shopper credit score reviews software program — shall be utilized by Oasis Labs to energy its decentralized id administration and KYC product. Right now’s partnership will enable the Oasis Community to hold out KYC due diligence and monitoring.
Equifax has extremely credible and dependable information in addition to being an innovator within the monetary service house, Professor Daybreak Tune, founding father of Oasis Labs, stated, earlier than including, “that may assist drive extra belief in utilizing blockchain expertise for actual use instances.”
Because the world of web3 continues to evolve, so does the necessity for id administration and KYC options to assist scale back threat and instill confidence in on-chain transactions, Pleasure Wilder, U.S. info options CRO and senior VP of world partnerships at Equifax, stated.
Whereas Equifax is without doubt one of the most well-known shopper credit score reporting corporations within the U.S., it has come below scrutiny up to now. In 2019 the agency was ordered to pay as much as $600 million to settle federal and state investigations right into a 2017 information breach of private info that affected virtually half the nation’s inhabitants.