Singapore blockchain startup DREP Foundation (DREP) announced it has signed a Memorandum of Understanding (MOU) with fellow Singapore startup REAL ID, who is developing a digital identity network.
One of REAL ID’s first products will be an eKYC (electronic Know Your Customer) user identity verification solution and platform. It will provide eKYC functionality to internet platforms on the DREP Chain. With this partnership, the two startups will collaborate to integrate secure eKYC solutions into DREP’s offering. The user verification will be a founding pillar for DREP users to have unique digital identities on the chain. Platforms will see less duplicate or fake accounts, as well as more accountability from their users.
DREP Foundation is developing a technology layer that calculates online reputation scores of unique users based on the desirability of their online behavior across different internet platforms. User-generated content, e-commerce or asset-sharing platforms on the DREP chain can subsequently access a suite of services, including a user and reputation score database for targeted user acquisition, and algorithms to weed out fake accounts or fraudulent content.
REAL ID is a digital identity solutions provider that was established by the former Tencent team responsible for WeChat Pay. The team has been working on a blockchain solution that facilitates on-demand, secure and low-cost identity verification services. Mr. Liqing Zeng (Jason), the co-founder of Tencent Holdings Ltd, is also a key advisor in REAL ID.
“I am personally very glad to reconnect with Tencent team over this strategic partnership.” Certain internet platforms — especially asset-sharing ones — need to verify identity of users to hold them accountable and hence, discourage malicious behavior. By integrating REAL ID’s eKYC solution, we will be able to address issues of bots and fake news on the internet.
“We are excited to ink this collaboration with DREP, which is in line with REAL ID’s vision to empower users in their creation of digital identities. This partnership with DREP will allow us to facilitate secure identity transactions across internet platforms and safeguard the interests of all parties on the DREP chain.”