- Wallet owners will be able to verify certain identity qualities, such as age or jurisdiction, without actually having to divulge personal information or handle complicated identity handoffs thanks to the integration.
- The incorporation takes place at a time when there is a rising worry around digital IDs that are enforced by the state and centralized data collecting.
More than 75 million wallets across the world will now be able to take advantage of age-verified payments thanks to the collaboration between Bitcoin.com and the PayFi-focused Layer-1 blockchain Concordium. Bitcoin.com has opened the door to a new era of compliant and verified access to cryptocurrency payments by incorporating Concordium’s ‘1-Click Verify & Pay’ technology into its widely used wallet application.
Wallet owners will be able to verify certain identity qualities, such as age or jurisdiction, without actually having to divulge personal information or handle complicated identity handoffs thanks to the integration, which is presently in the process of being developed and is scheduled to deploy in the near future. It is true that verification takes place off-chain via reputable and impartial third-party sources; nevertheless, the blockchain does not store any personal information throughout this process. There is a zero-knowledge proof (ZKP) technique that is used to safeguard each transaction. This technology guarantees perfect anonymity while also satisfying severe regulatory standards.
The incorporation takes place at a time when there is a rising worry around digital IDs that are enforced by the state and centralized data collecting. Users are able to demonstrate their eligibility without having to divulge their identity with Concordium’s “1-Click Verify & Pay,” which provides an option that is streamlined, decentralized, and prioritizes private information. Merchants will now have the ability to verify access and accept stablecoin payments for age-restricted items and services such as alcohol, gambling, or adult material. This will have the effect of ensuring that legal compliance is maintained without incurring the expenditures of sophisticated setup or ongoing infrastructure. For the very first time, blockchain technology offers a payment rail that is suitable for use in scaling up e-commerce.
A significant need that has been brought to light by the widespread adoption of new safety legislation, particularly in the United Kingdom, France, and numerous states in the United States, has been filled by the introduction of age-verified cryptocurrency payments. According to a report by the government of the United Kingdom, an extra five million age checks are being performed every single day as a result of the implementation of the Online Safety Act, which allows users from the United Kingdom to access websites that are limited to users of a certain age. While the stablecoin market has surpassed $308 billion, 99% of stablecoin transactions remain locked within crypto trading ecosystems. As a result, stablecoins have not been able to break out as mainstream payment solutions owing to a lack of verification. This is also the case in the payments area.
Bitcoin.com and Concordium expect that their alliance will not only make it easier for consumers to make use of stablecoins, but it will also secure users’ privacy while they are doing business online, which will help alleviate worries about state-led digital monitoring.
Concordium is a scalable Layer-1 blockchain that provides a unique identity layer at the protocol level. This layer ensures that user interactions are authenticated and confidential, and it is enabled using zero-knowledge proof technology.
The research-backed chain enabled Smart Money with programmable protocol-level tokens, advanced PayFi features such as time releases and compliance controls, and secure ID-based geofencing for cross-border transactions. As a result, it is the chain of choice for enterprise-ready stablecoins that are looking for real-world adoption while adhering to new regulatory frameworks. The chain was established in 2018.
Bitcoin.com has been a worldwide leader in exposing novices to cryptocurrency ever since it was founded in 2015. Featuring easily available instructional resources, news that is both recent and impartial, and self-custodial products that are straightforward to use, Bitcoin.com makes it simple for anybody to purchase, spend, trade, invest, earn, and keep up to speed on cryptocurrencies and the future of finance.
Source: https://thenewscrypto.com/bitcoin-com-partners-with-concordium-to-launch-age-verified-crypto-payments-for-75m-wallets/
