14 May 2018

Bridge Protocol Redefining Blockchain Identity Verification Systems

Introduction

There are quite a number of Identity Verification Systems or IDV and Initial Coin Offerings (ICOs) on the NEO blockchain such as THEKEY, SELFKEY and CIVIC. These IDVs provide identity solutions for clients on the blockchain. However, these systems were all faced with the initial high costs of establishment and set up and they are currently faced with a myriad of operational challenges. Bridge Protocol looks set to solve those issues with the use of NEO blockchain technology.

 

What Is Bridge Protocol?

Bridge Protocol is an open source, distributed network made up of trusted machines and also users to promote standards, behaviours and enforcement mechanisms with the ultimate goal of providing real-world value and application. Users will be able to make use of business processes that will be compliant to existing regulations and standards.

The Bridge Protocol interfaces with the NEO blockchain network to allow users to manage, utilize and protect their privacy as well as sentiment data in a fresh and new manner. Bridge Protocol will provide a brand new standard for whitelists while permitting participation in multiple ICOs. The Bridge Certificate awarded builds trust in the system allowing users to go about their business and transact with so much confidence.

 

The bIMS

With the Bridge Identity Management System or bIMS – issuance, revocation and verification of identities on the NEO blockchain are properly managed. Users can share only those data that they have chosen with the use of the Bridge Protocol’s exquisite Bring-Your-Own-Key System.

Bridge Protocol are also a NEP-5 (IAM) token operational on the NEO blockchain. This is apart from being an identity solution provider.

 

Matters Arising

  1. Extremely high legal fees during initial entry of ICOs. Legal fees are believed to costs between $125,000 and $250,000. This is just for Initial Coin Offerings (ICOs) to be compliant with both AML and KYC standards.
  2. The high legal fees restricts legitimate ICO startups from being able to takeoff.
  3. The traditional KYC costs between $30,000 and $50,000 just to verify fundamental identities. The identities will have to be reverified in each of the ICOs.   
  4. Data exchange is also very problematic leading to a higher risk of data compromise.
  5. Those ICOs still making use of traditional models, systems and fees find it difficult utilising blockchain technology to reduce fees and protect their clients.

 

Bridge Protocol – The Solutions Provider

Bridge Protocol aims to resolve these matters arising, something no other IDV could muster. With its IAM token, users are allowed to gain access to storefronts for legal agreements, development opportunities, ICO templates, verification as well as microservices at community determined costs.

They will work hand-in-hand with individuals to verify their identities on the blockchain. Bridge Protocol will also work with companies that want to set up their own ICOs to help them through the process to ensure that the bottlenecks previously experienced by ICOs are a thing of the past.

 

Providing Solutions For ICOs

Bridge Protocol will help to reduce legal costs and improve verification assurance by the digitalisation of compliant standards for any deployment in ICOs. The Bridge Certificate is created and issued to users who can then start network integration by selecting their preferred verifier service in the open marketplace on the blockchain.

 

Dealing With The Legal Issues

Any business that has fundamental issues can have them resolved through the blockchain as well as through the implementation of verification protocols. The legal process can greatly benefit from these verified identities and in acknowledgement of their independence, provide new room for trust. Bridge Protocol will develop a marketplace that supports new legal services for token sales, employment agreements, wills and so much more.

 

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