PwC Partners With Ethereum-based Digital Identity Firm uPort

PricewaterhouseCoopers (PwC), one of the largest professional services firm in the world and one of the Big Four auditors has partnered with ​uPort​, a digital identity platform based on the Ethereum blockchain and with Onfido​, ​a global identity verification provider to explore portability of consumer identities in the financial services sector in the UK and beyond.

Multi-national financial entities are obligated to be KYC compliance (Know Your Customer) and apply AML (Anti Money Laundry) standards, which is expensive and time-consuming process for both the financial entities and clients, leading often to customer drop-off and poor customer experiences. The recent PwC and uPort partnership will reduce compliance costs for financial firms.

The ability for customers to use their digital identity to on-board seamlessly with financial firms will be game-changing. It opens up access to financial services, helps reduce fraud and is instrumental in drivingmore competition into the U.K. banking ecosystem.

Mike Kennelly, Director at ​PwC

About uPort

uPort is a user-centric identity and decentralized data platform anchored on the Ethereum blockchain. It delivers scalable decentralized solutions for digital identity, reputation, and multiparty trust. Built on interoperable standards, it offers a collection of tools and protocols allowing users to establish identities,send and request credentials, sign transactions, and securely manage keys and data. uPort is backed by ConsenSys, a software development and venture capital firm.

About Onfido

Onfido is the new identity standard for the internet. Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely.