Web3 Technologies and blockchain-based enterprises have been tasked with increasing transaction security and trust in order to expedite mainstream adoption, eliminate fraud, and drive system compliance.
According to The PUNCH, this was discussed at the recently finished sixth edition of the Inside Identity Webinar Series, which was organized by QoreID, a digital identity and consumer data analytics company, in collaboration with TechCabal, an African tech media organization.
The Vice President Products and Data Strategy, QoreID, Jide Ogunjobi, stated,“Trust has been established as an enabling factor that helps to build critical mass across industries. Web3 and blockchain protocols are no exemptions.
“There has to be a mechanism in place to ensure accountability and trust in the platforms, the protocols, the transactions, and the recipient counterparts within the system.That is why we are calling for an increased focus on KYC to fortify and deepen the trust process.”
He emphasized the importance of innovation in service delivery procedures for web and blockchain transactions, noting that, in addition to facilitating trust, a strong KYC protocol had the potential to drive compliance across decentralized networks.
He said, “Just like other financial institutions, compliance is a critical factor within the Web3 and blockchain spaces. Operators and users have to abide by the rules of the geographical space within which the transactions are done whether it be trading, payments or transfers.”
Speakers at the seminar included Chief Executive Officer, Patricia Technologies, Fejiro Agbodje; CEO, Bundle, Emmanuel Babalola; CEO and General Partner, Audacity Fund, Erikan Obotetukudo and others.