Hypersign and Chainlink Unveil On-Chain KYC
Bangalore, India, January 11th, 2024, Chainwire
In a groundbreaking collaboration with Chainlink, Hypersign is at the forefront of revolutionizing decentralized finance by effectively incorporating Know Your Customer (KYC) processes into the blockchain. Using Chainlink functions, Hypersign introduces a transformative approach to On-Chain KYC Verification, seamlessly integrating Decentralized Identifiers (DID), Verifiable Credentials, and Zero-Knowledge Proofs. This strategic amalgamation tackles the inherent pseudonymity of blockchain transactions and establishes a robust framework ensuring user privacy and regulatory compliance. Moreover, the collaboration’s innovative use of Hypersign’s decentralized identifiers is pivotal in bridging the gap between traditional finance and decentralized finance (DeFi).
This collaboration facilitates the cross-chain verification of KYC data, offering a revolutionary solution that propels the financial industry toward a decentralized and interconnected future. Hypersign is set to launch its final testnet version, Prajna, on January 19th, and the mainnet goes live shortly after.
Problem Statement
In a Cross-chain Zero-Knowledge Proof KYC (ZK-KYC) verification system where the Issuer and Verifier operate on separate blockchains, the challenge is to ensure that when a user submits their proof to the Verifier Smart Contract, the contract can validate the legitimacy of the proof and confirm its origin and issuer’s attestation from another blockchain, essentially verifying that the user possesses valid credentials issued by the authorized entity.
Example Scenario
Consider a user with credentials on one of the Cosmos AppChain (Hypersign ID chain) attempting to verify their identity on a separate Ethereum Virtual Machine (EVM) chain. The challenge lies in efficiently confirming the validity of the user’s Zero-Knowledge Proof (ZKP) and ensuring the associated credential is authorized by the issuer on the Cosmos AppChain.
Solution- Utilizing Chainlink Functions and Hypersign DID
The solution employs Chainlink Functions to facilitate interoperability between blockchains, allowing any Ethereum Virtual Machine (EVM) chain to validate the issuer’s attestation on the Cosmos AppChain (Hypersign ID chain). This process entails users submitting Verifiable Presentations (VPs) and conducting validation through a combination of Chainlink Functions and the Hypersign Decentralized Identifier (DID) network. A critical component is the Groth16Verifier smart contract, built on the Groth16 zero-knowledge proof system, which plays a pivotal role in verifying proofs on the EVM chain, ensuring the integrity of provided information aligns with the expected parameters. Users submit their Zero-Knowledge Proofs as VPs to the Business Smart Contract on the EVM chain, and this Business Contract utilizes Chainlink Functions to cross-verify the issuer’s attestation from the Cosmos AppChain, confirming the ZK-Proof’s association with a valid credential issued by the authorized issuer. Following successful Chainlink-based verification, the Business Contract proceeds to authenticate the ZK-Proof by interacting with the Verifier Smart Contract on the EVM Chain.
Sequence Diagram
Note: Hypersign is an open-source project, and if you wish to try out this implementation for your protocol, please read the official announcement from Hypersign <here>; this explains the integration in detail technically.
If a user runs into any problems or has queries, he can reach out to the Hypersign Team for integration on Hypersign’s Discord.
Hypersign DiD Real World Adoption
Attendee Verification at MotoGP Bharat 2023- Hypersign played a pivotal role in age verification for alcohol sales at the first MotoGP event in India, showcasing the practical application of Hypersign’s decentralized identity solutions.
MOU with MIT Art Design and Technology University- Signing an MOU with MIT Art Design and Technology University solidifies our role in shaping the future of education through blockchain-powered solutions. Hypersign will help establish a network node on campus, work on certificate & ID card issuance & management, and build out all the processes from attendance to credential issuance on-chain.
Road Ahead
Hypersign is set to launch its final testnet version, Prajna, on January 19th, showcasing significant advancements in its technology with the participation of key figures from the SSI and Cosmos ecosystem. Introduction of the “X25519KeyAgreementKey2020” Verification Method and the innovative BBS+ Signature Scheme for enhanced digital security. Additionally, the integration of Baby JubJub Key pairs and advancements in DID Document canonization reflect Hypersign’s commitment to secure, private transactions and standardized decentralized identities. The reconfiguration of the SSI SDK and improvements in the Credential System further highlight its focus on developer accessibility and efficient credential management.
Hypersign ecosystem is powered by its native token, $HiD, which will be used for governance once the AppChain goes mainnet.
About Hypersign
Hypersign is an innovative, permissionless blockchain network that manages digital identity and access rights. Rooted in the principles of Self-Sovereign Identity (SSI), Hypersign empowers individuals to take control of their data and access on the internet. It provides a scalable, interoperable, and secure verifiable data registry (VDR) that enables various use cases based on SSI. Built using the Cosmos-SDK, the Hypersign Identity Network is recognized by W3C (World Wide Web Consortium), promoting a seamless and secure identity management experience on the Internet.
Users can get in touch with Hypersign today to understand the nuances of cross-chain KYC at meet.hypersign@gmail.com.
Users who run into any problems or have queries can reach out to the Hypersign Team for integration on our Discord.
ContactCMOVikram Anand BhushanHypersign.idmeet.hypersign@gmail.com+918867116216
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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