Last updated 4 months ago
Builders on Atala PRISM do not have access to fully compliant KYC tools, which hampers the creation of solutions for real-world applications.
This is the total amount allocated to Atala PRISM Modular KYC Solution by IAMX. 3 out of 5 milestones are completed.
1/5
Customizable onboarding tool (Chatbot)
Cost: ₳ 60,000
Delivery: Month 1 - Apr 2024
2/5
Module integration and testing ID Verification, Liveness Check, Proof of Address, AML, Media Check and Enhanced Due Diligence
Cost: ₳ 60,000
Delivery: Month 2 - May 2024
3/5
Wallet and Transaction Monitoring
Cost: ₳ 40,000
Delivery: Month 3 - Jun 2024
4/5
Atala PRISM DID deployment
Cost: ₳ 52,500
Delivery: Month 4 - Jul 2024
5/5
Overall customized module-based solution
Cost: ₳ 37,500
Delivery: Month 5 - Aug 2024
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
Tim Heidfeld - CEO at IAMX AG
Dennis Mittmann - CTO at IAMX AG
Tim Brückmann - CMO at IAMX AG
Sebastian Hepp - Lawyer at MME AG
We've built a modular prototype for Identity Verification & Management on Atala PRISM, empowering developers to create and use compliant reusable and digital identities for real-world applications.
Yes, we have dependencies on the following:
Not opensource:
Open source:
SDG 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
IAMX's has built a prototype that showcases our proposed solution "a modular framework to standardize KYC processes on Atala PRISM" for efficient global identity verification and management. This modular structure offers flexibility and scalability, facilitating customization, and growth since each module can be used independently, and new ones added as needed.
Our solution addresses the fragmented and inconsistent Atala PRISM landscape, which currently hampers efficient identity verification, leading to potential fraud risk and regulatory compliance issues. The modular framework effectively emends these issues via its salient features of flexibility, scalability, and maintainability.
The modular framework significantly reduces the time taken to verify customer identities, providing mutual authentication for parties involved while increasing the pass rate. Leveraging advanced techniques like geotagging, digital document processing, wallet identification, we bolster KYC accuracy rates and customer experience.
The platform ensures enhanced user experience with user-friendly wallet modules and Landings Page. Satisfaction among customers increases as the KYC process improves. Biometric transaction authorization is included for added security.
The solution accommodates multiple question-answer types, document processing, and wallet identification. It also incorporates a rule-based chatbot for mapping compliance and onboarding.
All of this prompts an efficient ID verification and onboarding within minutes, ensuring full regulatory and financial market authority compliance, GDPR conform KYC, KYB in 200 countries with 1032 AML Sources with reusable KYC, AML process, highly customizable, legal documentation and reports.
Our POC can be found and tested using the following links and Video: https://kyc.iamx.id/chatBot/index/docufi3d and https://kyc.iamx.id/chatBot/index/bricktowers;
https://www.youtube.com/watch?v=EWs79AkQfwsUnderstanding the framework’s effectiveness will be accomplished through developer feedback, adoption metrics, and monitoring the number of KYC processes conducted using our solution. Our design targets beneficiaries like businesses, developers, and users in the Cardano ecosystem, aiming to streamline their KYC processes and enhance the user experience.
We believe, our solution is crucial to Cardano's growth, enhancing Atala PRISM’s functionality, and driving its adoption in the ecosystem.
Our proposed solution offers a comprehensive and user-friendly framework for reusable digital identities and Know Your Customer (KYC), Know your Business (KYB), and Know your Transaction (KYT) processes on Atala PRISM. With our standardized approach, developers can easily create digital identities in over 204+ countries including emerging countries.
Our modules comprise the following:
One of the key advantages of our modular approach is the flexibility and scalability it provides. Each module can be developed, tested, and refined independently, allowing for greater adaptability as per specific project requirements.
The success of our project will be measured through a combination of different metrics:
We prioritize feedback and adoption metrics from developers. By gathering feedback on usability and effectiveness, tracking the number of businesses and developers using our framework, and monitoring the number of KYC processes conducted, we will demonstrate the value and effectiveness of our solution.
In the short term, our project will enhance the functionality of Atala PRISM and attract more businesses and developers to the Cardano ecosystem. This could lead to an increase in the number of DApps built on Cardano and the overall usage of the Cardano blockchain.
In the long term, our project could position Cardano as a leader in privacy-preserving digital identity solutions. This could attract more partners and users to the Cardano ecosystem, driving its growth and success.
For projects that have already developed certain modules such as wallets, they can seamlessly integrate the remaining modules to establish a fully compliant digital identity management system on Atala PRISM and Cardano.
In order to share the outputs and results of our project, we have planned the following strategies:
Regarding our future plans for research and development, we intend to leverage the findings and outcomes of this project to refine and expand our framework. We also hope that our work will inspire other projects within the Cardano ecosystem, fostering growth and innovation within the community.
By implementing this comprehensive framework, we aim to elevate Atala PRISM as a leading platform for efficient digital identity management, fostering innovation and growth within the Cardano ecosystem.
Our Capability to Deliver the Project
Our team is comprised of experts in IT, fintech, and blockchain, specializing in self-sovereign identity and compliance solutions. We've successfully partnered with MME AG and KYC Spider AG to create a regulatory-compliant framework for digital identities and web3.
We have successfully developed CIP-0066, an innovative verification method for NFTs, in collaboration with NMKR and IOG. Moreover, as a founding member of the OpenWallet Foundation (OWF) guided by the Linux Foundation, we value and promote partnerships alike to the Cardano Foundation, an established member of the OWF.
The OWF encompasses a network of companies and not-for-profit bodies, all rallying together to endorse global acceptance of open, secure, and mutually operable digital wallet solutions. The consortium also extends its expert advisory services through the Government Advisory Council while reinforcing best practice standards for digital wallet technologies.
Our collaboration with legal and compliance partners MME AG - a distinguished contributor to the legal structure for numerous blockchain foundations, including Cardano and Ethereum - and KYC Spider AG - a technical ally automating compliance, KYC processes, and customized solutions - significantly contributes to the pursuit of our goals.
Our Approach to Validate Feasibility
We plan to validate the feasibility of our approach with a phased approach to implementation. Our initial focus will be on software development and legal considerations, essential areas for investment and goal realization. After the successful launch and smooth operation of our solutions in the first ten projects, we will shift to a sales-driven approach to maximize our market reach.
Steps or Processes Demonstrating Our Trustworthiness
Expertise and Partnerships: Our expertise in IT, fintech, and blockchain, along with collaborations with industry experts in compliance and law like KYC Spider AG and MME AG, and the OpenWallet Foundation, validate our credibility in delivering this project.
Commitment to Compliance: We are fully committed to staying compliant with existing regulations, highlighted by our contributions to blockchain foundations and our relationship with KYC Spider AG. Our CEO is a Certified European Financial Analyst (CEFA) and we have experience in successfully managing funds, including $ADA, through our stake pool.
Security and Transparency: We prioritize security and transparency. Our approach includes implementing KYC procedures for all our employees, limiting fund access to C-level executives, and employing a licensed financial advisor as CEO.
In conclusion, the combination of our expertise, strong partnerships, commitment to compliance, enhanced security and transparency measures, and our phased implementation strategy, all demonstrate our ability to deliver the project with the utmost level of trust and accountability.
Customizable onboarding tool (Chatbot):
Test and refine based on feedback during integration process.
Acceptance Criteria: Completion of a fully functional customizable chatbot.
Module integration and testing:
Integration and testing of the following modules: ID Verification, Liveness Check, Proof of Address, AML, Media Check and Enhanced Due Diligence.
Acceptance Criteria: Completion of all functional modules with successful integration and KYC result.
Wallet and Transaction Monitoring:
Acceptance Criteria: Seamlessly functioning user interface and fully functioning wallet and transaction module.
Atala PRISM DID deployment:
Develop and test the module for the creation, deployment, renewal, and deletion of DIDs on Atala PRISM, including interface design and feedback-based refinement.
Acceptance Criteria: Fully functional Atala PRISM DID management module, completion of Verifiable Credential, Wallet, Wallet Connector.
Overall customized module-based solution testing:
Final testing of the complete solution with Atala PRISM (all active modules) and refine based on feedback.
Acceptance Criteria: Completion of a fully compliant identity management system with a global (approx. 200 countries, 1032 AML sources) KYC/KYB/KYT.
Tim Heidfeld, CEO & Co-founder of IAMX AG - Responsible for quality control & funds management
Tim Brueckmann, CMO & Co-founder of IAMX AG - Overseeing team coordination and external communication
Dennis Mittmann, CTO of IAMX AG - Leading and coordinating software development initiatives
Julia Froenicke, Head of Product & Partnerships at IAMX AG
Sebastian Hepp, Compliance Lawyer at MME AG - Providing expert legal and compliance advice
The cost of the project represents value for money for the Cardano ecosystem by prioritizing the development of essential modules, utilizing funds effectively and transparently, and committing to regular updates for the community.
The emphasis on software development and legal aspects aims to demonstrate our understanding of the critical areas that will drive our solution's success and contribute to the Cardano ecosystem. With the phased approach of focusing on the implementation and operation of the key essential modules before transitioning to a sales-driven strategy we aim to ensure a well-structured and cost-related manageable development process.
We thrive to commit to transparency and providing regular updates to the Cardano community to instil confidence in our accountability and willingness to share progress.
With the allocation of any excess funding towards marketing efforts and the official launch of the platform we aim to maximize our impact within the Cardano ecosystem. These efforts will help expand our platform's reach and enhance its visibility among potential users.