- Equifax and Oasis Labs have joined to offer a privacy-based KYC solution for Web3 firms.
- Founder of Oasis Labs believes that privacy is a basic human right and creating privacy-first solutions is crucial.
- Efforts are being made to create regulatory compliant solutions for responsible innovation.
Equifax, the credit reporting firm, also known for history’s one of the largest data breaches, is prepared to support the making of a data privacy service exclusively for Web3 projects.
According to the announcement made by the company, it has entered in an agreement with Oasis Labs, the privacy-determined cloud company, for the development of a KYC or know-your-customer and an identity management product for Web3 startups like NFT projects and DeFi protocols.
Web3 is the internet’s upcoming stage and is believed to be even decentralized, made on blockchain networks and utilize crypto.
However, just because blockchain affords decentralization doesn’t mean Web3 products are free from procedures like identity confirmation and KYC. According to both Equifax and Oasis, currently there’s no robust privacy protection KYC solution in the Web3 space.
Both the companies will get together to create a solution via issuing of ‘anonymous KYC-ed credentials’ to users of Web3 wallets.
Oasis Labs founder Professor Dawn Song, said that they are working to not just create an improved and effective on-chain KYC solution and decentralized identity but also to increase Web3 adoption besides generating increased trust to the industry.
In 2017, Equifax made it to the news after becoming a victim of a major data breach that disclosed personal identifying information of 143 million U.S. customers. As a result, the firm was made to pay a fine of $700 million to settle enforcement actions with the Consumer Protection Bureau, every state in the U.S. and the Federal Trade Commission.