idCredit

The IdCredit project is designed to create the blockchain-based distributed system for identifying private and legal entities’ personal data with varying degrees of severity. There are three types of subjects in the project: donors, acceptors and identifiers. Donors are the clients of the system, who provide their personal data for the identification. Acceptors are the personal data consumers, who are obliged to conduct KYC (“Know Your Customers”) or AML (“Anti-Money Laundering”) procedures according to the requirements of their local regulatory authorities of financial or any other services. The system is fully technically distributed and based on the blockchain engine Hyperledger Fabric, created by IBM Corp and contributed to the Hyperledger community on an open-source basis. Personal data provided by donors are not stored within the blockchain database, but being saved on their local devices. Identifiers send to the distributed network only hashed personal information of donors and confirm it by their electronic signatures, based on sophisticated asymmetric cryptography algorithms.