On October 26, Oasis announced a collaboration with Equifax to develop and launch a new KYC verification system.
With best-in-class data from Equifax, Oasis will revolutionize KYC & Identity management!
— Oasis Network (@OasisProtocol) October 26, 2022
They revealed this information through the Oasis platform’s Twitter page. This new KYC solution is unique and will include a decentralized identity for users in the Web 3.0 ecosystem.
Oasis Network, which was founded in 2018 by professor Dawn Song of the University of California, is a platform designed to protect the confidential data of users in the Web3 space.
Protecting data has become very tedious, especially in the crypto industry, where cyber attacks have become rampant recently.
However, with this invention, they can step up security, protect the precious data stored with them, and promote adequate privacy.
Their partner, Equifax, is also a platform created to combat identity theft through cutting-edge technology.
The platform was founded in 1899 as a retail credit company that assesses consumers’ credit risk; currently, they serve over 800 million individual consumers and about 88 million businesses around the globe.
Their wide range of services, access to a plethora of data, and wealth of experience will make them indispensable to the Oasis network’s efforts to curb cybercrime with this invention.
Equifax knows firsthand what it feels like to fall victim to a cyber attack after it had a security breach in 2017.
The attack was massive and devastating because it resulted in a loss of over $60 million due to reduced sales for that period.
However, they are back on their feet, and five years after they were affected by the breach in security, they are giving it their all to ensure they don’t fall victim again.
This time, though, it’s not only for them but also for the millions of businesses and internet users worldwide.
Even though they were once victims of an attack, Oasis founder Dawn Song believes they still have much to offer.
She said Equifax’s expertise in detecting fraud and credit reporting would help bridge Web 2.0 and Web 3.0.
In addition, she is pretty optimistic that this will be the first step in the quest for a cyber crime-free space and a universal KYC across all blockchain networks.