Chainlink and Hypersign Partner to Revolutionize Decentralized Finance
Hypersign has teamed up with Chainlink to transform decentralized finance (DeFi) by integrating Know Your Customer (KYC) processes into the blockchain. Through the use of Chainlink functions, Hypersign introduces an innovative method for On-Chain KYC Verification by incorporating Decentralized Identifiers (DID), Verifiable Credentials, and Zero-Knowledge Proofs. This collaboration addresses the challenge of pseudonymity in blockchain transactions and establishes a framework that ensures user privacy and regulatory compliance. By leveraging Hypersign’s decentralized identifiers, this partnership bridges the gap between traditional finance and DeFi.
Cross-Chain Verification with Chainlink and Hypersign
Hypersign is set to launch its final testnet version, Prajna, on January 19th, bringing the industry closer to a decentralized and interconnected future. This solution enables the cross-chain verification of KYC data, revolutionizing the financial sector. Hypersign’s collaboration with Chainlink facilitates the seamless validation of credentials issued by authorized entities on different blockchains, ensuring the integrity and origin of the proofs submitted by users. This interoperability between blockchains is achieved through the utilization of Chainlink Functions and Hypersign’s DID network.
Solving the Challenge of Cross-Chain Verification
To address the challenge of verifying credentials across different blockchains, Hypersign utilizes Chainlink Functions and Hypersign DID. Chainlink Functions enable any Ethereum Virtual Machine (EVM) chain to validate the issuer’s attestation on the Cosmos AppChain. Users submit Verifiable Presentations (VPs) and undergo validation using Chainlink Functions and the Hypersign DID network. The Groth16Verifier smart contract plays a crucial role in verifying proofs on the EVM chain, ensuring the accuracy of the provided information. The Business Smart Contract utilizes Chainlink Functions to cross-verify the issuer’s attestation and authenticate the ZK-Proof through interaction with the Verifier Smart Contract on the EVM Chain.
Hypersign’s Real World Adoption and Future Plans
Hypersign’s decentralized identity solutions have been successfully implemented in various real-world scenarios. It played a vital role in age verification for alcohol sales at the first MotoGP event in India and signed an MOU with MIT Art Design and Technology University to shape the future of education through blockchain-powered solutions. Hypersign is launching its final testnet version, Prajna, on January 19th, demonstrating advancements in technology and enhanced digital security features. The integration of Baby JubJub Key pairs and improvements in the Credential System further emphasize Hypersign’s commitment to secure and standardized decentralized identities.
Experience Cross-Chain KYC with Hypersign
Hypersign is an innovative and permissionless blockchain network that enables individuals to control their data and access rights. With its scalable and secure verifiable data registry, Hypersign enables seamless and secure identity management on the internet. Users can reach out to Hypersign via email at [email protected] for more information on cross-chain KYC implementation.
Hot Take: Chainlink and Hypersign Revolutionize DeFi with On-Chain KYC Verification
Chainlink’s collaboration with Hypersign marks a significant step forward in revolutionizing decentralized finance. By integrating KYC processes into the blockchain, this partnership effectively addresses the challenge of user privacy and regulatory compliance. The use of Chainlink functions and Hypersign’s decentralized identifiers enables seamless cross-chain verification of KYC data, bridging the gap between traditional finance and DeFi. With the launch of Hypersign’s final testnet version, Prajna, and its commitment to enhanced digital security and standardized decentralized identities, the future of finance is becoming more decentralized and interconnected. This collaboration sets the stage for a new era of secure and transparent financial transactions.
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