Wellfield Technologies (WFLD.V) strategic partnership brings reliable identity authentication to DeFi

Wellfield Technologies (WFLD.V) signed a strategic partnership and investment in distributed digital identity and credentialing company,Verif-y Inc.

The deal has Verif-y providing its identity authentication and verification services to Wellfield, and more specifically, to their MoneyClip application, while Wellfield gives back to Verif-y in terms of back-office functionality to be put into Verif-y’s mobile offering. This is the partnership part of the deal.

“We strongly believe that the proliferation of scalable, reliable identity authentication and verification is a necessary precursor for the true potential of decentralized solutions on blockchain to be realized. We expect distributed identity technology to evolve beyond today’s simple NFT solutions, towards portable, private, and secure Digital ID that gives consumers the sovereignty to choose how they reflect themselves as they directly engage with communities and entities in DeFi and the Metaverse,” said Levy Cohen, CEO of Wellfield.

It’s not much of a stretch to say that the next vista in terms of regulation of cryptocurrency, DeFi and all things blockchain is going to include identification, verification and authorization. We already have know-your-customer and anti-money laundering regulations in play making your entry onto exchanges that much more annoying, and who knows what the Biden administration is going to come up with after his executive order.

Let’s be real for a moment. Regulations aside, most people want convenience.

It’s not the mandatory information you’re forced to give over to be allowed to trade, although that should be something of a concern in the future depending on what information they want, but it’s the rigmarole you have to go through to get past the gatekeepers.

Sometimes it’s as simple as showing the front and back of a government issued ID and comparing it with a picture of your mug taken from your cameraphone, and sometimes it involves an elaborate song and dance routine where you have to fit your head in a little facial recognition box juuuuuust right or it emails you five minutes later letting you know you’re a wanker and you can fuck off.

In this case, Verif-y’s tech scans all major global identity documents, and processes hem using their layered machine learning tech. After that there’s layered image analysis, credit card, comparisons of your selfies and other solutions that help Verif-y quickly and accurately identity if someone’s not on the level regarding their onboarding and compliance processes.

In comparison, their AML tech screens end users against sanctioned databases from regulatory authorities, third parties and govenrment sites from around the world. You can expect the Office of Foreign Assets Control (OFAC), the EU, UK, Office of the Superintendent of Financial Institutions (OSFI) here in Canada and hundreds more to be involved.

Isn’t it kind of chilling to think that all or some of these organizations have documents on you?

Regardless, if there’s a service out there that can make this exasperating part of regulatory gatekeeping easier then we should be all in on it. There’s a serious market for this kind of product, and it’s only going to get bigger as more regulations come down the line and the government tries to tell us who can and cannot be in crypto. Just saying.

But with any service that’s taking your digital identity—you should be wary of what they’re intending to do with it. These guys want to give people back control of their digital identity while handling both compliance and credentialing solutions. Organizations that request and get access to the information can improve their onboarding speeds, increase administrative efficiencies and reduce their compliance and privacy regulation burdens. Verif-y is already used in finance, healthcare and education sectors.

Either way, this is good for Wellfield. Verif-y will help Wellfield build that bridge between decentralized and traditional finance by taking care of the security and privacy angles.

—Joseph Morton

Full disclosure: Wellfield Technologies is an equity.guru marketing client.

The post Wellfield Technologies (WFLD.V) strategic partnership brings reliable identity authentication to DeFi appeared first on Equity.Guru.

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