Blockchain Firm Civic Partners With Votem To Launch First CVC Token-Powered KYCbr>
Blockchain identity verification company Civic has teamed with technology platform Votem to launch a new know-your-customer (KYC) system powered by its CVC token.
Civic allows consumers to protect and authorize the use of their identities in real-time. It is spearheading the development of an ecosystem that is designed to facilitate on-demand, secure, and low-cost access to identity verification services via the blockchain. The cryptocurrency associated with Civic (CVC) is provided as a reward for both the validators verifying a given identity and users for trusting the Civic platform with their information. Civic sold $33 million of its tokens during its token sale event in June 2017.
Founded in 2014, Votem is a blockchain mobile voting platform enabling citizens around the world to easily vote online. It improves the effectiveness of voting by ensuring the integrity of the voting process, the confidentiality of the voters’ choices, and validity of the results – for both private and public-sector elections. Votem’s public token presale commenced on February 27.
Through this partnership, Civic will provide Votem with trusted identity protocols, enabling a secure and transparent environment, without the risks and costs associated with collecting and storing personal identity information.
The blockchain KYC system will first be used to register and authenticate Votem’s presale participants. The system will verify the identity of each person using blockchain-powered attestations. This process begins with users storing their identity documents using the Civic app. Civic, in turn, verifies the identity of each potential participant in the Votem presale and, where necessary, conducts advanced Accredited Investor checks for users in the US.
“This partnership is especially impactful, not only because it is the first CVC-powered KYC, but because Votem also falls squarely in line with Civic’s long-term vision of bringing decentralized democracy to life through blockchain technology,” said Civic CTO Jonathan Smith. “With Civic and Votem coming together, fair and secure digital voting starts now.”
“We believe this will set a new standard for token sales and are honored to be working with them in this regard,” said Pete Martin, CEO of Votem. “We also think this sets the groundwork for a long-term strategic partnership around the secure and accurate authentication of voters since we share a common vision of making voting more secure, accessible and verifiable. Votem was founded to improve free and fair elections around the globe and with our partnership with Civic, we know that we have a solid partner to help us achieve our mission.”