Yoti Can Establish Virtual Citizen IDs When Used With Hashgraph

Yoti and LedgerState have demonstrated a proof of concept for a digital identity system leveraging blockchain technology to enable approved officials to add sensitive personal information at the World Economic Forum.

“Yoti can work well with first and second generational public blockchain technologies Iike Bitcoin and Ethereum for some elements of our identity platform, like KYC,” Robin Tombs, founder and CEO of Yoti said. “However, third generation technologies like the Hashgraph can handle the requirements of a global identity platform authenticating millions of users each day at the required low transactional costs. Most consumers will currently tolerate a KYC Verification completing in a minute or two, but not for log in or payment which need to be almost instantaneous.”

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