IDchainZ is a working proof of concept built using ChainZy mutual distributed ledger technology to allow multiple parties to add, certify and exchange KYC and AML documentation. The IDchainZ identity system is globally available, scalable, and subject centred.
Three types of parties exchange information:
The document ring structure developed for IDchainZ provides the opportunity to organise documents logically and to set permissions. With sprites, pieces of self-executable code, subjects may set time and use restrictions on inquisitors for access to their documents.
The system uses two distinct mutual distributed ledgers:
Rings have a hierarchy. Master rings are aware of all their sub-rings, but the sub-rings know nothing about their parent – or even if they have one. Each document ring is a self-executable program held on the transaction ledger. Parent rings can set access conditions for sub-rings. Sub-rings can be programmed to have use limits and/or a self-destruction date.
Step 1: Subject provides documents for certification
The Subject provides the Certifier with a set of documents as requested
Step 2: Certifier certifies documents and creates IDchainZ Identity
The Certifier checks and certifies these documents, evidencing this by signature
It then creates a master ring for the Subject and uploads the file of certified documents to an identity sub-ring
Finally, the Certifier sends the Subject the key to his/her newly created master ring and then deletes its copy of that key and the underlying documents
Step 3: Inquisitor granted access to a ring of certified documents
The Subject creates a sub-ring of their identity ring for the Inquisitor, linking the appropriate documents to this ring and setting time and use limits
The Subject then provides the Inquisitor with the key required to access the Inquisitor’s sub-ring
Step 4: Inquisitor views documents
The Inquisitor uses the key provided by the subject to access the certified documents
The subject tracks the Inquisitor’s access
The Inquisitor can then use the fact of certification in its own KYC/AML processes
Properly managed, the overall process has the capacity to reduce the cost and delay of KYC/AML materially for all parties
Android users can try the IDChainZ mobile app by joining the testing program here:
Download a short brochure.