Popular Privacy-oriented blockchain platform for financial applications, Dusk Network has launched its Zero-knowledge Know Your Customer solution. The platform announced the development in a Twitter post on Wednesday. As announced, the solution allows users and institutions to control sharing of permissions and personal information.
As revealed, the framework helps to aid all claim-based KYC requests. It also put users at the edge of the information they are sharing and with whom while being completely compliant and private at the same time. Notably, the Zero-knowledge KYC solution is making its debut months after the submission of its official paper to arXiv.
According to Dusk Network, the zero-knowledge KYC known as “Citadel” remains one of the first decentralized KYC solutions that focuses on the financial ecosystem. It invites institutions to use the technology for cost-reducing compliance. Remarkably, it does not require users to do KYC with service providers that have been used before since they are personally in charge of their data.
Meanwhile, Dusk Network kicked the ball of the solution rolling by integrating it into its Layer -1(L1) blockchain. This solution tends to enable the protocol handles private information of users. Notably, users who need to complete the KYC must provide the necessary information. The company will then authenticate the data and privately store it in its Dusk blockchain. Simply put, it utilizes a non-fungible token (NFT) technology, thereby creating a license instead of an art piece.
Users enjoys less risk of data leakage with Citadel – Dusk Network
By using the Dusk network citadel, users are at less risk of data leakage. This is because Citadel stores users’ data with one party who is only able to store and verify data. This party allows other services who derives interest in the data to opt and accept the licenses and use them as KYC/AML proof.
Further, Dusk said the solution also reduces risk and privacy exposure. Through Citadel, users can simply purchase regulated assets by providing license l in compliance with the requirement of its trading platform. Also, users can borrow money from a lending service by providing a license that meets their KYC and AML standards. Also, it allows users to further loan out money by simply providing the license. As revealed, all these and more can be done without the need to share personal information with the three parties.