Usechain is to introduce a brand-new vision of blockchain as it seeks to make blockchain technology legally binding. The firm is the first to propose the use of Mirror Identity Protocol to make the first legally compliant financial services blockchain.
Blockchain in Finance
The use of blockchain to ensure legally compliant financial services is a big development. For starters, all governments around the world have regulations that govern financial services. So, by using blockchain technology in this case, Usechain wants to ensure things are not done illegally.
The proposed Usechain testnet for compliant financial services should thus enable things like Know-Your-Customer (KYC). The proposed chain will also go a long way in combating money laundering. When it comes to privacy, the company hopes to allay any fears of sharing personal information on a decentralized chain.
Usechain is to establish a multi-level accord system on its proposed testnet for financial services. This will enable the verification of every address without diverging any information as a way of protecting privacy.
“In our case, we use Mirror Identity Protocol (MIP), in which your identity is never on the blockchain. It’s privately collected, and preserved with a certifying authority, and the certify authority will give you an index, and that index will be converted to a public address. So in this way, we have something like a China Wall between your identity verification and your public address,” said Professor Hunning Cao.
The Usechain testnet has already gone live as a way of giving communities a glimpse of ongoing development progress. Dubbed as the Moonet, the testnet implements identity verification as well as the encryption algorithm and block explorer.
The main goal in coming up with a mainnet is to build a foundation of all the upper layer architecture. Usechain’s ultimate goal is coming up with better optimization that will enhance identity verification. Optimization should also enable higher transaction performance in a bid to provide basic financial functions.
Usechain has already opened discussions with collaborators as it seeks to build its ecosystem. The ecosystem will include things like insurance, payment system, as well as a personal token. Plans are also underway to work with car services as well as house sharing services.
Such partnerships should allow the firm to come up with a killer application for blockchain. The ultimate goal is coming up with what Usechain believes will be a Wall Street on-chain.
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