Ahrvo Labs Launches NFT-Based Identity Solution
Blockchain startup Ahrvo Labs is trying to bring interoperable credentials to the cryptocurrency space. The company noted that cryptocurrency providers have always tried to avoid Know Your Customer (KYC) regulations, but its executives believe that position will become increasingly untenable as technology becomes more widespread and more more people will start using crypto services.
With this in mind, Ahrvo is launching a new NFT identification solution that uses biometrics to link an individual to a token in the blockchain. Unlike collectible NFTs, Ahrvo’s NFT IDs are designed to be non-transferable and can therefore be used as proof of identity with both blockchain and non-blockchain entities.
“Most people outside of the cryptocurrency industry associate NFTs with jpegs, scams, money laundering, scammers, etc.,” said Ahrvo Founder, CFA and CEO, Akporefe Agbamu. “In reality, NFTs have many real-world applications across identity and payments, and our inventions at Ahrvo Labs use NFTs accordingly.”
Biometric NFTs can be verified with the Ahrvo Comply platform, a consolidated product that includes document, identity and transaction management capabilities in addition to a facial recognition utility. Ahrvo did not provide many details about this technology, only stating that it does not outsource any KYC procedures to a third party.
Ahrvo ultimately hopes its NFT credentials will serve as the foundation for an interoperable blockchain identity solution that spans the crypto and fiat ecosystem. The company will reward users with Ahrvo Coins to encourage them to use their NFT credentials, and plans to release an “Identity Oracle” solution later this year that will allow off-chain stakeholders (such as banks) to confirm stored identity information. in a blockchain token.
All of Ahrvo’s solutions are part of a larger Ahrvo network, which is designed to support payments as well as identity applications. The company will also launch a Decentralized Autonomous Organization (DAO) to manage its identity registry. The company’s solution creates an NFT identifier in the blockchain once an individual’s identity has been verified in a manner that complies with the latest KYC and GDPR regulations.
Ahrvo isn’t the only company trying to come up with new applications for NFT technology. Pfpid also uses the technology to provide people with secure identities, while WISeKey uses them to issue digital certificates that serve as proof of authenticity for luxury devices.