Australian state mail has entered into the first partnership agreements with cryptocurrency exchanges of the country, in which they will use the mail service for identification — Digital ID. Authorization via Digital ID will simplify the KYC procedure.
The Australian state post has announced that its customers will be able to purchase bitcoin and other cryptocurrencies on partner exchanges using the Digital ID identification service. Authorization through this service will allow new users of trading platforms not to pass the KYC procedure.
Cryptocurrency exchange Digital Surge, located in the city of Brisbane, one of the first to introduce the identification service from the national postal service. According to the General Director of the exchange Josh Lehman, the use of Digital ID will reduce the registration period for residents of the country to a few minutes instead of “a few days as on other exchanges.” Identification via Digital ID is also possible in Australian companies Coinjar and Coin Loft.
The process of registering with a Digital ID is simple. The user uploads his / her personal data and passport or driver’s license information there. After passing the moderation, he can decide what information of his profile can be shared with third-party applications. Project General Manager Cameron Gough is confident that Digital ID “gives people more control over the process of sharing personal data with organizations.”
Against the background of the spread of KYC procedures and their complexity, the blockchain industry is also developing solutions for user identification in order to simplify the process and control over personal data. Such a system, in particular, is developed by Microsoft. Read more about the trend to create a “digital profile” in the material BitNovosti.