implements API3 Airnode, giving Web3 applications access to extensive AML/KYC services

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2022-04-05 05:33:23

After joining the API3 Alliance earlier this year, has officially implemented API3 Airnode, providing Web3 applications with access to extensive KYC/AML identity verification services.

The Authentication API excels at performing online verification services and allows users to fulfill KYC/AML requirements in various ways, such as scanning passports or uploading documents. API will output Y or N result depending on ID verification, then this ID can be stored in smart contract without revealing any personal information.

Although investors often overlook AML/KYC, they help strengthen the credibility of cryptocurrencies. The integration of AML/KYC in referrals is also somewhat controversial in the industry, but they are now playing a certain importance in the transition between Web2 and Web3, especially when regulators are increasingly considering including digital assets in institutional portfolios.

The transparent and extensible architecture of API3 provides an efficient solution that facilitates smart contracts to easily access the API. It was also noted that because Airnode serves API requests on-chain directly from their cloud infrastructure to a smart contract, personal information cannot be exposed to node operators. This ultimately provides a more secure and GDPR compliant oracle solution for digital identity tools.

Ben Carvill, Head of API3 Ecosystem Development shared:

“As the decentralized finance sector continues to grow, it is becoming increasingly necessary to combine AML & KYC tools for DeFi applications or Digital Identity tools. API3 is already connected to many digital identity APIs, among them we are delighted that has chosen to work with us.”

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