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Bitmain Coconut KYC Software tool
Coconut is basically an application solution that offers users the registration of a real name, while accepting its platform. Together with the privacy and regulation of the digital asset, Bitmain is planning a centralized authentication procedure for identity. This process will meet regulatory requirements as well as complete privacy protection for users. The company plans to separate a real-name authentication authority from the business partner / platform.
Despite various identity authentication schemes in the market, most schemes focus on blockchain uses. They are trying to archive and validate users' identity details using blockchain. Similarly, Coconut will use technical means to simplify the level of service rather than the network level.
Once organizations identify users, they will receive an Intel® Enhanced Privacy ID (EPID) for authentication. This will be a private signature key that supports cryptographically. Furthermore, it will serve as proof of the valid group member without revealing one's "real name" identity.
The true KYC service provider has access to use the Intel EPID public group key to validate a user's identity without requesting personal information. In addition, it also adds protection, in one case while the user loses his Intel EPID private key or is copied. Users can use valid signatures that associate an Intel EPID certificate to revoke and add to a blacklist. This will efficiently minimize the risk of fraudulent identity.
Furthermore, the explanatory document of the code says:
The main features of blockchain are that all transaction records are public, transparent and permanent. There are concerns that organizations can potentially monitor and analyze customer behavior on blockchain after implementing KYC. This will raise serious privacy problems, hindering the adoption of blockchain.
Lorie Wigle is the general manager of Intel Software and Services Group at General Platform Product Management. It expresses that analytics, artificial intelligence and blockchain technologies are driving new insights along with business models using user data.
Intel EPID has a purpose as open technology and ISO standards for troubleshooting anonymous identity problems. Bitmain is implementing Intel EPID, which unleashes the potential of blockchain technology to improve privacy as a whole.
Furthermore, this trend seems to be developing companies to use an open source cryptographic code. The previous times were supporting the proprietary or close-source scenario, which no longer seems to work.
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Summary
Item name
The company Bittyin Crypto Mining releases the coconut KYC software tool
Description
The gigantic encrypted company Bitmain announces the open code for its Coconut KYC software tool, which focuses on privacy, to give users the registration of the real name.
Author
Delma
Publisher name
Coinpedia
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