Dominode has secured $1.3m in funding to develop a suite of solutions to protect, secure and authenticate digital identity.
The funding, which came from New York-based Blockchange Ventures, will be used to develop the Dominode Digital Passport, a ‘scalable and fault-tolerant’ platform for verified identity, regulatory compliance and license management.
Dominode’s solution leverages blockchain, smart contracts and crypto technologies to authenticate digital identity for professionals and businesses operating in regulated industries. It is designed to maximize security, privacy, and portability of digital assets that are validated and supported by proof of assertion documents.
“In the United States alone, nearly one in four jobs are in licensed occupations, and 27 million businesses must be licensed or permitted to operate legally,” said John Toohey, Dominode CEO & Co-founder. “These businesses and workers must regularly seek approvals from one or more of the 70,000 licensing jurisdictions. And, the need for verified identity isn’t just a domestic challenge. It impacts regulated industries around the globe.”
It provides regulators and oversight agencies leverage the verification efforts of peer agencies while adhering to legislated privacy obligations.
The Dominode solution uses a system of token-based incentives that motivate cooperation and collaboration between peer agencies. Its trust token acts as a form of settlement between transacting partners, and is paid as a reward for validating identity data elements and providing necessary services to participants. Initially, the Dominode team is focused on the regulated gaming industry. However, after ‘successfully solving the gaming use case’, Dominode is looking to apply the platform to many other industries, including the global casino industry.
Blockchange Ventures managing partner Ken Seiff said, “We are excited to continue supporting the Dominode team, which is working to solve a significant problem. We backed this team because they have both deep technical competence and significant industry expertise. Their leadership and platform are laser-focused on solving the unique and complex challenge of secure identity verification for regulated industries. They have the potential to reshape how dozens of industries control and share their highly valuable digital identities.”
Blockchain Ventures is a venture capital firm investing exclusively in early stage blockchain companies, protocols and applications that are trying to make a dent in the universe. In the identity space, newly launched RegTech startup Velix.ID, which is using blockchain to enable frictionless identity verification, announced plans for a token sale. The company aims to resolve identity verification issues by building a universal, obscure, transparent, decentralized, time-efficient, and cost-efficient ecosystem.
Copyright © 2018 RegTech Analyst
