Cardano ecosystem will provide On-Chian KYC with Blockpass
A subsidiary of Cardano established a partnership with the KYC verification service provider platform.
Cardano is a 9th ranked crypto blockchain Network by 24 hours trade volume and right now the ecosystem of Cardano is rapidly moving toward adoption among the new defi projects because Cardano is a new ecosystem, which is supposed to be safest the blockchain Network, however, it will be too early to comment on the security potential of the Cardano Blockchain but still past is proof that how Cardano facilitated blockchain transactions without any outage or bug in the network.
EMURGO, a commercial arm of the Cardano project, announced its partnership with Blockpass to bring on chain chain KYC verification system to the Cardano ecosystem.
Under this partnership, the Cardano blockchain ecosystem will use the resources of Blockpass. Blockpass app will add Cardano addresses corresponding to the KYC verification system. So basically it will be an option for the Defi protocol developers to use the On-chain KYC system for their platform.
However here it is still not known perfectly about the nature of this integration, whether it will be a type of restriction on the Defi protocols to go with the KYC verification process or it will not be mandatory as per the choice of users but overall this is showing future thinking of Cardano project.
On one side these things may raise some questions against Cardano blockchain Ecosystem because of the KYC system but on another hand, Cardano may lead the crypto industry with such integrated KYC systems with Defi services.
Ken Kodama, the CEO, and founder of EMURGO stated that it will bring huge users to Cardano Ecosystem because in the future there will be a need for enterprises to use such services.
“As these applications grow their communities and bring more users to the Cardano ecosystem, there will also be a need overtime for certain projects and enterprises to offer quick and easy KYC services on their applications for their users to access regulated industries.”
900 active projects in Cardano Ecosystem
At present total of 900 Defi protocols are under development and active in the Cardano ecosystem and 400 out of 900 started to work in Cardano ecosystem in only the last 30 days.
However smart contract feature in the Cardano blockchain was introduced in September of last year but the Cardano ecosystem started to grab the inflow of projects at the beginning of this year.
At present, Cardano Community is eagerly waiting for the Vasil Hardfork, which may take place in June of this year. According to Charles Hoskinson, founder of Cardano project, Vasil Hardfork will bring huge Dapps development to Cardano blockchain.
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