Oasis is a privacy-focused computing firm and has recently announced a partnership with Equifax for an on-chain Know Your Client protocol. Equifax will offer its identity, fraud, and compliance data to Oasis in order for the computing firm to power its decentralized identity management product, this will make for better due diligence and monitoring in the space.
Equifax is known for having highly credible and reliable data and is an innovator in the financial service space. Professor Dawn Song, Founder of Oasis stated that the partnership will “help drive more trust in using blockchain technology for real use cases”
Currently, there are many scams and security breaches in crypto, and as web3 continues to evolve more methods are needed to keep the sector safe. More identity management and KYC solutions will aid in reducing risks and help users gain confidence in transactions.
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