Republic of Palau and Cryptic Labs collaboration for KYC & ID verification

144

The Republic of Palau is moving toward the adoption of blockchain technology to bring the KYC and ID verification system to the next level.

At present crypto and the underlying technology is under adoption at a very high level. The majority of the tech companies are looking at Blockchain technology from the point of view of technology use cases outside the payment system also. Even government agencies are not lagging in this initiative. 

On 11 January, The blockchain inclined development firm Cryptic Labs established a partnership with The Republic of Palau. Under this collaboration, they launched the Root Name System (RNS). 

Root Name System (RNS) is a blockchain technology-based tool, that will help the government authorities of the Republic of Palau to verify the KYC and ID verification of people easily. That means it will increase the trust level of working in the government agencies to verify the details of people. 

Surangel S. Whipps Jr, President of Palau, signed an agreement to allow all global users” digital residency through the RNS under the country’s Digital Residency Act.

The Republic of Palau is situated in the western Pacific Ocean, which consists of 340 small and big islands. There are 18,221 residents. 

President said: 

“Our Digital Residency Program will have the capacity for internationally recognized standards of identity verification to ensure that Palau upholds the rule of law and our reputational integrity. We welcome all global citizens to apply to participate in Palau’s digital residency program.”

This statement of Palau’s president confirmed that Blockchain technology is no more limited to limited number of use cases, instead, there are high scale use cases available, where high-level government authorities can trust the reliability of data easily because data of blockchain technology remain unchangeable. 

The CEO of Cryptic Labs Bril Wang stated on this partnership with the Republic of Palau and said that this movement of Cryptic Lab with the Republic of Palau will push it toward a high level of economic development. Further, he added: 

“The world is beginning to recognize the practicality, versatility, and truly transformative power of digital identity — this is a swift step towards that future.”

Read also: Four 0.25% interest hikes will not affect the economy: JP Morgan Chase CEO