Bitmain Crypto Mining Firm Releases Its KYC Software Tool- Coconut

The crypto giant company Bitmain announces the open code for its privacy-centric KYC protocol named as Coconut.

Bitmain Coconut KYC Software Tool

Coconut is basically an application solution offering users with real name registration while accommodating its platform. Along with privacy and regulation of digital asset, Bitmain is designing a centralizing identity authentication procedure. This process will fulfill the regulatory needs as well as complete protection of user privacy. The company plans to separate a real-name authentication authority from the business partner/platform.

Despite various identity authentication schemes ongoing in the market, a majority of schemes is focusing on the blockchain uses. They are looking to store and validate users’ identity details using blockchain. Similarly, Coconut will use technical means to streamline the service layer rather than the network layer.

Once organizations identify the users, they will receive an Intel® Enhanced Privacy ID (EPID) for authentication. This will be a private signing key supporting cryptographically. Moreover, it will act as a proof of valid group member without disclosing their “real name” identity.

The real-name KYC service provider has access to use the Intel EPID public group key to validate a user’s identity without prompting personal data. Additionally, it also adds protection, in a case while the user loses its Intel EPID private key or it gets copied. The users can use valid signatures associating an Intel EPID certificate to revoke and add to a blacklist. This will efficiently minimize the risk of fraudulent identity.

Moreover, the code’s explaining document says:

The major blockchain features is that all transaction records are public, transparent and permanent. There are concerns that organizations could potentially track & analyze customer behavior on blockchain after implementing KYC. This will raise serious privacy issues, obstructing blockchain adoption.

Lorie Wigle is at Intel VP Software and Services Group-General Manager position at Platform Security Product Management. She expresses that analytics, AI, and blockchain technologies are driving new insights along with business models using user data.

Intel EPID serves a purpose as an open technology and ISO standard for solving anonymous identity issues. Bitmain is implementing Intel EPID, which unleashes the blockchain technology potential to enhance privacy as a whole.

Moreover, this is a trend seems to be developing the companies to use an open-source crypto code. The previous times were supporting the proprietary or close-source scenario, which doesn’t seem to work anymore.

What do you think about the new KYC tool- Coconut? Follow us on Twitter or join our Telegram.

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Bitmain Crypto Mining Firm Releases Coconut KYC Software Tool
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Bitmain Crypto Mining Firm Releases Coconut KYC Software Tool
The crypto giant company Bitmain announces the open code for its privacy-centric Coconut KYC software tool for offering users with real name registration.
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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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