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IOTA introduced new app Selv with Dutch bank de Volksbank

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  • IOTA Foundation has collaborated with the Dutch bank de Volksbank and introduced the Selv app
  • The app creates a reusable Know Your Customer (KYC) Proof-of-Concept (PoC)
  • The software has been developed using the network’s open-source Self-Sovereign Identity (SSI)
  • The Identity Actor software will teach other identity actors how to speak identity
  • IOTA is helping financial institutions become more General Data Protection Regulation (GDPR) compliant

IOTA Foundation has been re-engineering the principles of existing blockchain technology. It is a non-profit organization and creator of a permissionless and multi-dimensional distributed ledger protocol. Recently, the firm has collaborated with the Dutch bank de Volksbank. In collaboration, organizations have introduced a reusable Know Your Customer (KYC) Proof-of-Concept (PoC) demonstration app Selv. Notably, the latest product has been developed using the network’s open-source Self-Sovereign Identity (SSI). Moreover, the latest product will help avoid the time-consuming procedure of creating and signing up for services.

Complying with legislation for each account is tedious

IOTA Foundation has observed that it’s inconvenient while registering for financial services. It becomes challenging while we register for a bank account or a digital assets exchange especially. 

To comply with the KYC and Anti-Money Laundering (AML) legislation a user has to propagate digital copies of their sensitive papers of verification. Moreover, it is tedious that every individual will have to provide such filings for each account of that kind that they establish.

IOTA will teach identity actors how to speak identity

Noting the aforementioned scenario, the IOTA Foundation announced the IOTA Identity mechanism. As part of the latest announcement, the foundation has been working on creating a mechanism entitled “Identity Actor”.  

According to a recently published blog of IOTA, the latest product in software. Such software will be used to send and receive SSI and date management requests and answers. Hence, it seems that the blockchain foundation is developing software to teach other identity actors how to speak identity.

Ultimately, the program will help avoid the time-consuming procedure of establishing accounts and signup services. Hence, the software will repeatedly input the same information to achieve its goal.

Financial firms should become more GDPR compliant

Following the scenario, it seems IOTA is helping financial institutions become more General Data Protection Regulation (GDPR) compliant. The demonstration of such software aims to demonstrate how SSI might be used to create secure and reusable documentation that complies with the GDPR.

How will the Selv app work?

According to the announcement, the latest application will allow its users to create a unique ID and perform randomized KYC documentation. Such documentation will be saved as a Verified Credential on the application itself. Hence, such credentials could later be used while forming a new company, opening a bank account, or even while purchasing liability insurance.

Notably, the software will remove the need to input the necessary information and submit documents for each account establishment operation. Furthermore, the individuals are now only required to disclose their Decentralized Identifiers (DIDs) and demonstrate ownership of them.

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