What is Blockpass? Blockpass is a blockchain identity protocol for the connected world - the Internet of Everything. The goal of Blockpass is global realization of identity for the Internet of Everything. Through the use of blockchain technology and smart contracts, Blockpass is a production ready Regtech platform offering shared regulatory and compliance services for humans, companies, objects and devices . As this identity system supports verification of humans (KYC), objects (KYO) and connected devices (KYD), it will enable the development of new applications that rely on a trusted connection between human, corporate, and device identities. www.blockpass.org | info@blockpass.org | @blockpassorg www.blockpass.org | info@blockpass.org | @blockpassorg
What does Blockpass do? A safe passport A secure conduit for a connected between individuals, world. services, objects, and devices. Blockchain A verification oracle based identity for statements made for everything. by persons or things. www.blockpass.org | info@blockpass.org | @blockpassorg www.blockpass.org | info@blockpass.org | @blockpassorg
Compliance Realities... No one likes compliance or KYC. It interferes with It interferes with switching It takes time It increases costs on-boarding customers between merchants www.blockpass.org | info@blockpass.org | @blockpassorg
Problems - Crypto-Compliance 1 What large-scale Blockchain will change the world but the process is early and uncertain. problem are we Needs Identity Protocol to allow for compliant interactions on public/ solving? permissionless blockchain protocols. Compliance creates costs for blockchain businesses. Identity verification take several days to complete, therefore causing significant barriers to entry and slowing down user onboarding. www.blockpass.org | info@blockpass.org | @blockpassorg
Problems - Crypto-Compliance 2 What problems regarding Bitcoin and o ther blockchain-based digital currencies can allow for easy money laundering (ML) and terrorist funding (FT) because there is no public blockchains we identity protocol is embedded in public blockchains. are solving? “Virtual currency transactions, given their anonymous nature, are particularly vulnerable to ML/TF risks.” -MAS Singapore, 13 March 2014 The cost of compliance for blockchain businesses is extremely high. They can represent ⅕ of their total operating costs. “At Coinbase, about 20% of our staff works on compliance in some form.” -Coinbase www.blockpass.org | info@blockpass.org | @blockpassorg
Problems - ICOs What problems Initial Coin Offerings (ICOs) raise significant funds , but do so without any Know Your Customer (KYC) verification efforts. ICOs prohibit US regarding ICOs are we investors but are anonymous so have no way of verifying if US persons are solving? involved. Examples: Tezos and EOS, have raised over USD200 million completely anonymously. SEC stated that The DAO fundraising violated securities laws last year. In Singapore: “ICOs are vulnerable to money laundering and terrorist financing (ML/TF) risks due to the anonymous nature of the transactions, and the ease with which large sums of monies may be raised in a short period of time.” www.blockpass.org | info@blockpass.org | @blockpassorg
No solutions to these problems presently exist, therefore... Blockpass will offer a way to: Help blockchain businesses reduce their compliance costs. Protect the identity and personal data of the user of the system. Systematically address blockchain's need for regtech and identify verification. Provide privacy in the form of an identity verification system that is compliant with next generation data protection regulations. www.blockpass.org | info@blockpass.org | @blockpassorg www.blockpass.org | info@blockpass.org | @blockpassorg
The Blockpass Protocol Operates like a franchise Relies on technology owned by the Blockpass Foundation which licenses the protocol technology to entities that operate their own Identity Network service (IDN) Is first IDN system for the Ethereum public network www.blockpass.org | info@blockpass.org | @blockpassorg www.blockpass.org | info@blockpass.org | @blockpassorg
The Blockpass Foundation 1 Operates like a franchise 2 Incorporated and regulated in the Isle of Man 3 As a foundation, as opposed to a company, no shareholder conflicts www.blockpass.org | info@blockpass.org | @blockpassorg
Blockpass IDN Immediate Product Features Developers will be able to design standard tokens that plug into Blockpass Protocol meaning that the transaction can be performed and achieve full compliance in minutes. Using the protocol, Ethereum blockchain startups will be able to launch a fully compliant token into the market that allows for transfers of KYC members of Blockpass. Digital Currency exchanges and other digital currency merchants will be able to sign up to the Blockpass IDN with a ‘single sign-on’ for Blockpass users. This means that exchanges and other blockchain merchants will reduce their on-boarding cost substantially. www.blockpass.org | info@blockpass.org | @blockpassorg
Digital Currency Road Map The Blockpass From the funds Once the IDN has The Blockpass Foundation will sell raised selling proven to be Foundation will Passes - the digital Passes, Blockpass sustainable, promote currency of the Foundation will Blockpass interoperability Blockpass Protocol provide a loan to Foundation will between IDNs that Blockpass IDN to licence the protocol should lead to ‘one launch the first IDN to other IDNs. Those ID for all chains’ IDNs may specialise in certain protocols such as Bitcoin or EOS, or may be industry specific such as Shipping or Notarial services 1 2 3 4 www.blockpass.org | info@blockpass.org | @blockpassorg
Future Development Path 1 2 The Blockpass Foundation will ensure Once the IDNs are able to promote that the Blockpass protocol will cover on-chain compliance for humans, then connected humans, legal persons, the same can be extended to object or devices and objects machine to human to machine interaction, thus achieving the greater purpose of the Blockpass Protocol: seamless, secure and compliant interaction between humans and machines. www.blockpass.org | info@blockpass.org | @blockpassorg
Immediate Outcomes Blockpass IDN is going to: Reduce the cost of compliance significantly for Make compliance attractive for users through blockchain merchants incentive ‘mining’ schemes Make public blockchain use safe and compliant Protect the personal data of users Create a platform for the development of Build a seamless protocol for interoperability compliant, decentralised applications between on-chain identities Create a seamless and secure environment for human to device interactions Welcome to the new era of public blockchain development! www.blockpass.org | info@blockpass.org | @blockpassorg
User Story - On Chain Verification Alice wants an online ID to connect rapidly with online merchants. www.blockpass.org | info@blockpass.org | @blockpassorg
User Story - Internet of Everything Decentralized Autonomous Utility (DAU) - Bob wants to lease energy from solar panels www.blockpass.org | info@blockpass.org | @blockpassorg
User Story - Internet of Everything Decentralized Autonomous Utility (DAU) - Bob wants to lease energy from solar panels 1. A solar panel is manufactured and receives a Blockpass device birth identity . 2. This device identity is then owned by the merchant identity that commissioned it. This ownership gives the merchant full custody of the device and can thus automatically turn the solar panel on or off . 3. Bob then uses Blockpass to establish a strong identity verification (KYC/AML) that he is a real person. Bob can use this identity to enter a smart contract with the merchant to rent and slowly buy the solar panel. He initiates daily utility payments. 4. In turn, the smart contract verifies the payments are complete and thus the merchant continues to allow permission to Bob to access the solar panel . 5. If Bob fails to pay, the access to the panel is revoked until a payment is made. Over the course of this smart contract, Bob can eventually pay off the panel and the company will securely transfer full ownership of it to him. www.blockpass.org | info@blockpass.org | @blockpassorg
Blockchain Built on Ethereum Blockchain Ethereum blockchain stores most of the business logic of Blockpass Identities are stored in a smart contract with built-in recovery procedures. Blockpass will maintain several whitelists of addresses already verified in smart contracts Payments to access verified information is made with Passes https://github.com/blockpass-org www.blockpass.org | info@blockpass.org | @blockpassorg www.blockpass.org | info@blockpass.org | @blockpassorg
System Architecture BLOCKPARSER SYSTEM & Application Program Interfaces (APIs) www.blockpass.org | info@blockpass.org | @blockpassorg
Registration Workflow Alice register Blockpass to get her information verified. She can then register swiftly any Blockpass-compatible merchants. Alice Blockpass Merchants www.blockpass.org | info@blockpass.org | @blockpassorg
Prototype www.blockpass.org | info@blockpass.org | @blockpassorg www.blockpass.org | info@blockpass.org | @blockpassorg
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