Outdid establish proof-system for passports without revealing personal information
The Amsterdam-based FinTech Dusk Network invested in Outdid. The London-based startup is using NFC and zero-knowledge proof technology to verify passport identities, without revealing any personal information. This helps in reducing identity fraud, as often this information is not securely stored or easily obtained via data hacks. This is Dusk Networkโs largest financing ticket to date, helping Outdid accelerate the development of the technology.ย
The Outdid technology allows corporations to verify the government- announced IDs of their users, without asking the users to send any of their personal data to anyone, not even the company itself. This is onย theย otherย sideย to the conventional approach of doing identity verification, which requires the user to send their ID data to a thirdย party for verification. ย The interest of Dusk Network in the identity solution is a very strategic move. The company recently announced Citadel, their own private Know Your Customer (KYC) solution, and would takeย advantageย of integrating Outdidโs technology in their own tech stack.ย
โ Andย once we announced Citadel, it sparked great interest both within our company but likewise from the industry. 1 of the complications numerous self-sovereign identity corporations face is the complexity of the technology to only provide essential information. With our stake in Outdid, we combine two game-changing technologies that would solve compliance issues for entire industriesโ โ reveals Emanuele Francioni, founder and CEO of Dusk Network.ย
Preventing identity fraud as largest use case
By using zero-knowledge technology and decentralized data storage, the largest use case would be reducing identity theft and fraud, as most of this data is obtained illegally via data leaks. Using Outdid would give the passport owner full control of the data they share and with whom.ย
The founders of Outdid โ Andย once we started Outdid, it was meant to be something people really want and care for, today, and not for a distant point in the future. Dusk Network quickly stood out as a partner aligning with this vision, because they are using blockchainย tech to aid specific & tangible real-world complications. Receiving an financing was the natural way to form this partnership, align interest, and get mentorship access to Emanuele Francioni and their world-class team of ZK & privacy researchers โ technologies Outdid uses. Citadel is the 1st avenue to explore collaboration, to aid fully private KYC checks.โ โ reveals Zvezdin Besarabov, co- founder of Outdid. The financing was announced during an exclusive Dusk networking dinner, with over 50 game-changers from traditional financial institutions, the banking industry, media, and influencers. The event marks a new era for the company, which will hit the 5 year milestone in September 2023. Disclosing the financing will be the 1st strategic notice, followed by next pilots and collaborations in the near future.ย
